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COKAL LIMITED — Capital/Financing Update 2017
Mar 16, 2017
64656_rns_2017-03-16_05e6a2b1-dee2-4c3e-a9ac-efd81692fd20.pdf
Capital/Financing Update
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T +61 7 3312 6299 E [email protected]
Level 10, 110 Mary Street, Brisbane QLD 4000 PO Box 7122, Brisbane QLD 4001
ABN 55 082 541 437 (ASX: CKA)
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ASX ANNOUNCEMENT/ MEDIA RELEASE
17 March 2017
Company Update
Cokal Limited ( Cokal ) advises that discussions are continuing in relation to documenting the agreed conversion of the Platinum loans to a production royalty.
Further feedback has been received from lawyers advising the Liquidator of the Platinum Partners Value Arbitrage Fund, LP and the receiver of Platinum Partners Credit Opportunities Master Fund, LP and this is being reviewed by the Company and its lawyers.
In the meantime the directors have provided some financial assistance to the Company pending the finalisation of the debt conversion agreement to meet working capital requirements. Completion of the debt conversion agreement is necessary prior to completing arrangements to fund the BBM project. Directors independent of those directors who provided the financial assistance reviewed the terms and conditions on which the financial assistance was provided and were satisfied that it was been provided on reasonable commercial arm's length terms.
The Company will continue to update the market as information comes to hand.
ENDS
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