COKAL SECURES EXTRA FUNDING

COKAL SECURES EXTRA FUNDING

COKAL Limited (ASX:CKA) has secured more than $6 million in additional loan funds, to progress its Bumi Barito Mineral (BBM) project.

The metallurgical coal group finalised the financing package from a fund managed by Platinum Partners, taking the total loan for the development to $9.85 million.

Platinum agreed to the advance based on the progress made with the BBM project to date and the extension of the exclusivity period until October 6.

Cokal says the funds will be used for detailed engineering and final design process, so onsite construction can commence.

The BBM funding package includes the proposed grant of 100 million warrants, with an exercise price of $0.20 over a period of four years.

Cokal will grant 15 million of these options, with the remaining 85 million to be granted subject to shareholder approval.

Get our daily business news

Sign up to our free email news updates.

 
Whitefox Recruitment founder Luke Hemmings making strides as a careers leader
Partner Content
After relocating his Canberra-founded company Whitefox Recruitment to the Gold Coast la...
Whitefox Recruitment
Advertisement

Related Stories

ASIC secures its first court win for greenwashing against US giant Vanguard

ASIC secures its first court win for greenwashing against US giant Vanguard

The Australian corporate watchdog has caught out one of the world&r...

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Medicinal cannabis group Althea shaves $1.5m from its cost base through staff cutbacks

Australian-founded medicinal cannabis company Althea Group (ASX: AG...

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Charter Hall snares 15pc stake in Hotel Property Investments for $97m from 360 Capital

Listed funds manager 360 Capital Group (ASX: TGP) has offloaded its...

The party’s over: Splendour in the Grass festival cancelled for 2024

The party’s over: Splendour in the Grass festival cancelled for 2024

Splendour in the Grass, Australia’s largest winter music fest...