COKAL Limited (ASX:CKA) has secured more than $6 million in additional loan funds, to progress its Bumi Barito Mineral (BBM) project.
The metallurgical coal group finalised the financing package from a fund managed by Platinum Partners, taking the total loan for the development to $9.85 million.
Platinum agreed to the advance based on the progress made with the BBM project to date and the extension of the exclusivity period until October 6.
Cokal says the funds will be used for detailed engineering and final design process, so onsite construction can commence.
The BBM funding package includes the proposed grant of 100 million warrants, with an exercise price of $0.20 over a period of four years.
Cokal will grant 15 million of these options, with the remaining 85 million to be granted subject to shareholder approval.
Help us deliver quality journalism to you.
As a free and independent news site providing daily updates
during a period of unprecedented challenges for businesses everywhere
we call on your support