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HomeFinTechCokal: Shares dip following fresh $16m capital raise

Cokal: Shares dip following fresh $16m capital raise

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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

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