Cokal Shares dip following fresh $16m capital raise
- Cokal (CKA) launches a $16 million placement to accelerate coal production at its flagship Bumi Barito Mineral (BBM) project in Indonesia
- The funds will go towards enhancing the development of transport infrastructure to support BBM’s ramp-up in production
- The raise was strongly supported by M Resources’ Matthew Latimore, who contributed $5 million, as well as other domestic and international institutional investors
- The company says the placement will include the issue of 100 million new shares at 16 cents each — a 13.5 per cent discount to its last trade of 18.5 cents
- Shares in CKA are down 8.11 per cent, trading at 17 cents at 3:44 pm AEDT
