MARKETS

Quick cash for Cockatoo

COCKATOO Coal has raised $A112.7 million from institutional investors to help fund its share of a...

Blair Price
Quick cash for Cockatoo

The institutional placement raised $56.9 million at 45c for each new Cockatoo share.

Another $55.8 million was raised under the institutional entitlement offer and shortfall bookbuild.

About 266 million new shares were issued and are expected to be allotted on September 24.

The total equity raising spree is aiming for $150.8 million with the retail entitlement offer due to open on September 23.

The consortium, consisting of Cockatoo, Korea Electric Power Corporation and steelmaker Posco, struck conditional agreements with AAMC for the coal leases in July.

Cockatoo recently entered into an exclusivity arrangement to give Japanese trading house Mitsui the first chance to purchase additional stakes in the Collingwood and Ownaview open cut thermal coal projects in Queensland’s Surat Basin, two of the assets from the AAMC deal.

Mitsui already owns a 49% stake in both projects, and the exclusivity period runs up to March 11, 2011.

Cockatoo shares closed down 2.8% at 52.5c on Friday.

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