Yancoal announces Global Offering and entitlement offer

Company News

by Anna Napoli

Yancoal (ASX:YAL) has announced it's in the process of commencing a fully underwritten Global Offering at an offer price of HK$23.48 to $25.84 per share.

The Australian based coal producer and developer says provided the global offering is a success it will also undertake an Entitlement Offer at the same offer price, comprising an Institutional and Retail offer.

As part of the global offering Yancoal has entered into a cornerstone investment agreement with Shaanxi Coal, and, Chemical Industry Group Co..

The cornerstone investor has agreed to subscribe for about US$40 000 000 worth of shares.

Proceeds from the offers will be used to repay outstanding debts of Yancoal and it subsidiaries, and, fund future growth opportunities.

Shares in Yancoal (ASX:YAL) closed 1.61 per cent lower to $3.06.

Anna Napoli

Finance News Network
Anna joined FNN February 2018 and also works with Channel 7 as a freelance producer. Anna has also worked as a lawyer and lecturer. She has also presented news updates for interstate news with Southern Cross Austereo.