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Cokal chairman Peter Lynch said the placement would provide working capital for the company, which would let it continue to develop funding opportunities for its Indonesian metallurgical coal projects.
The company will issue 18.75 million fully paid ordinary shares at a price of 0.016c per share, raising $300,000. There are no fees payable by Cokal in relation to the placement.
On issue, the placement shares will rank equally with all other ordinary shares then on issue.
“The placement will be completed within Cokal’s placement capacity and accordingly no shareholder approval is required or will be sought,” Lynch said.
Lynch relinquished the CEO role of Cokal in June to focus on leading the board as non-executive chairman after Garry Kielenstyn was appointed as the company’s chief operating officer.
