Coronado Global Resources Announces A$250 million Equity Raising

Coronado Global Resources Inc (ASX:CRN) has announced a fully underwritten A$250 million equity raising for providing additional financial flexibility in response to current market due to global COVID-19 pandemic.

The company highlighted that proceeds of the Offer shall be used to repay drawn balances from the Syndicated Facilities Agreement.

The Offer shall comprise-

  • a fully underwritten placement to institutional investors (including institutional securityholders) to increase A$145 million; and
  • a fully underwritten 2 for 11 Entitlement Offer to raise A$105 million (Entitlement Offer).

The Offer, in conjunction with the Syndicated Facilities Agreement (SFA) waiver extension, is anticipated to well-place CRN for any future recovery in metallurgical coal prices.

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