Cockatoo Coal Ltd
(ASX:COK) says it will raise $150.8 million to fund the acquisition of development and exploration assets from Anglo American.
The coal miners says it will raise equity through a $96.4 million entitlement offer and a $54.4 million share placement to institutional shareholders.
In July a consortium of Cockatoo Coal, Korea Electric Power Corporation and POSCO struck a $580 million deal with Anglo American to acquire five of its coal assets in New South Wales and Queensland.
Cockatoo Coal says the proceeds from its equity raising will be used to fund the purchase price of the assets and for working capital.
Cockatoo Coal reported a net profit $3.5 million for the 12 months to 30 June.
