Cockatoo Coal raises AU$ 150.8 million for development and exploration projects
Cockatoo Coal Ltd has announced a fully underwritten AU$ 150.8 million equity raising to acquire five coal assets located in New South Wales and Queensland, Australia.
The company previously announced that a consortium comprising Cockatoo, Korea Electric Power Corp. (KEPCO) and POSCO had entered into various conditional agreements with Anglo American plc for the development and exploration assets for AU$ 580 million.
A statement released by Cockatoo said: “Proceeds from the equity raising will be used to fund Cockatoo’s contribution to the purchase price of these assets and for working capital.”
The AU$ 150.8 million equity raising will consist of AU$ 96.4 million two for five accelerated renounceable pro-rata entitlement offer at an issue price of AU$ 0.40/new share. The remaining AU$ 54.4 million will be raised through an institutional share placement, with the price determined via an institutional bookbuild with an underwritten floor price of AU$ 0.43.
Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/15092010/cockatoo_announces_equity_raising/
You might also like
Woodside strengthens its Australian operations
Woodside has agreed to assume operatorship of the Bass Strait assets, unlocking potential development of additional gas resources, following an historic agreement with ExxonMobil Australia (ExxonMobil).