Cockatoo to raise A$150 million for coal assets
- Publishing Date
- 15 Sep 2010 10:41am GMT
- Author
- Mining Journal
ASX-listed Cockatoo Coal Ltd plans to raise A$150.8 million (US$141.3 million) to fund the acquisition of development and exploration assets from Anglo American plc.
The company, which operates in Queensland, said in July that a consortium comprising Cockatoo, Korea Electric Power Corp (KEPCO) and POSCO had agreed to acquire five coal assets from Anglo American for A$580 million.
In relation to that announcement, Cockatoo said: “Proceeds from the equity raising will be used to fund Cockatoo’s contribution to the purchase price of these assets and for work capital.”
Cockatoo said it will raise A$96.4 million through a two-for-five accelerated renounceable pro-rata entitlement offer at an issue price of A$0.40/share.
The company will raise a further A$54.4 million through an institutional share placement where the price will be determined via an institutional bookbuild with an underwritten floor price of A$0.43.
Cockatoo added that it expected to provide full details of the retail component of the entitlement offer on September 23.
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