Comdek issued more than 66 million shares at 18c to sophisticated investors, to raise funds for its coal and uranium interests in Africa and Australia.
“Initally we are focusing on the Waterberg region of South Africa, where the expenditure of $US5 million entitles us to increase our joint venture interest in these coal tenements from 20 per cent to 70 per cent,” Comdek managing director Paul Jury said.
Jury was appointed to Comdek's head role last month after selling his founding stake in Resource Pacific to Xstrata.
Jury said Comdek was very pleased with the placement’s success, given the “trying market conditions”
The Waterberg coal project, north of Johannesburg, contains an inferred resource of 415 million tonnes of thermal and coking coal.
