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Cokal Ltd Announces Blumont Group Ltd's Financing Proposal

Monday, 7 Oct 2013 06:05pm EDT 

Cokal Ltd confirmed it has been in discussion with Blumont Group Ltd about a USD77 million funding package designed to fund the equity requirements for the BBM project as well as general corporate requirements. In addition discussions were also close to finalisation on a potential takeover offer of AUD124 million. Directors believe that such takeover proposals should be developed and brought to shareholders for them to decide on. Shareholders should be aware that there is no certainty that any Blumont proposals will be made. Due to the commitment of both parties to the development of the BBM project the priority is the provision of the USD77 million facility to enable Cokal to build the mine and associated infrastructure to reach first production next year. Due to this priority, while the negotiations to restructure the financing package continue, Blumont has made available a loan facility of up to USD8 million to continue the development work. USD4 million is due by November 1, 2013 with the balance on mutual agreement. The loan is repayable within three years, interest is 5% pa payable quarterly in arrears and can be capitalised and repaid at maturity. The facility is secured by fixed charge over up to 5% of Cokal’s shares in Cokal Holdings Pte Ltd. 

Company Quote

0.0020 +11.76%
19 Dec 2014