Cuesta secures A$20 million funding in advance of IPO
- Publishing Date
- 10 Jan 2012 4:06pm GMT
- Author
- Mining Journal
Cuesta Coal Ltd has reached an agreement on an investment of A$20 million (US$20.6 million) from the Beijing Guoli Energy Investment Company Ltd (Guoli), in advance of an initial public offering (IPO) scheduled for the first quarter of this year.
The Australia-based exploration and development company holds assets in the Bowen, Galilee and Surat basins of Queensland. Under the agreement, BGEIC will invest A$5 million at a price of 0.25c/share, with a further subscription of A$15 million at the IPO price.
Matthew Crawford, managing director and chief executive officer of Cuesta, said the two-stage agreement would allow the company to continue its exploration program in advance of the IPO, and to expand its coal resource base over the coming 18 months.
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