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Coronado Global Resources Inc (Proposed ASX Code: CRN) lodged the prospectus with the Australian Securities and Investment Commission (ASIC) on 24 September 2018 for an offer of up to 290 million CHESS Depositary Interests (equivalent to 29.0 million Shares, representing a ratio of 10 CDIs for one Share) at the price range of A$4.00 to A$4.80 per CDI to raise between approximately A$1,160 million and A$1,392 million. The objective of the IPO is to provide a liquidity in the market for Shares (in the form of CDIs) and an opportunity for others to invest in Shares (in the form of CDIs) through listing the Company on ASX; repayment of its existing debt, pursuing growth opportunities through improved access to capital markets, and allowing EMG to realize part of its investment in the Company. The closing date of the broker firm offer was 15 October 2018 and it is expected that the shares will start trading on ASX around 29 October 2018. On the aforesaid event, the Joint Lead Managers are Goldman Sachs, UBS, Credit Suisse, and Bell Potter and they will be responsible for ensuring that eligible retail clients who have received an allocation from them receive the relevant shares in form of CDIs. On 29 March 2018, Coronado Australia Holdings Pty Ltd completed the acquisition of all of the issued share capital in Coronado Curragh from Wesfarmers for the total consideration of A$700,000,002. After this, CRN holds good position to ramp up production at its Curragh mine in Queensland state to take advantage in term of strong metallurgical coal prices.  In the recent update, the company issued around 193 million CDIâs shares out of total 290 million CDIs Shares and raised capital approximately $774 Mn out of originally targeted as much as $1,392 Mn. It was down because of global sell-off in commodity shares which happened on Thursday and Friday. However, Coronadoâs IPO was the biggest hit as compared to Aston Resources (A$400 million) which was considered as the largest float in Australia in coal business in 2010. Coronado was in a state to take a strong advantage in regard to the metallurgical prices of coal by accelerating the production at its Curragh mine in Queensland state. Coronado made the acquisition of Curragh from Wesfarmers in 2017. The IPO is still a watch. However, as per the recent news, Argonaut Resources and Aeris Resources is about to start mining for the iron oxide Argonaut Resources and Aeris Resources. The application appeal was made against the dismissal of native title claims over the ephemeral Salt Lake started in August 2016 and was going through the Federal court. The application was refused by the high court on Friday and it is expected that by the end of this year the drilling.
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