According to the Australian Financial Review, Cockatoo Coal Ltd
(ASX:COK) will raise over $150 million to fund its planned acquisition and development of Anglo Coal’s reserves.
In July the emerging coal miner announced it had entered into a conditional agreement to acquire 100% of Anglo Coal, which owns 51% of the Taroom, Collingwood and Ownaview assets located in the Surat Basin.
The paper reports chief financial officer Peter Nightingale says that the company has received significant interest in the capital raising.
AFR says that while the financing arrangements for $580 million of the Anglo purchase are still unclear, should the Foreign Investment Review Board grant approval, the deal would bring Cockatoo’s coal reserves to more than 1 billion tonnes.
Cockatoo Coal reported a loss of $63 million for the year to 30 June 2009.
