Coke Resources plans an IPO

By Peni Pedriawan

Australian based Coke Resources recently said it plans an Initial Public Offering at the Australian Stock Exchange to raise A4.2 million, offering 21 million shares priced at 0.20 each.

This includes provisions for oversubscriptions for up to a further 9 million shares to raise a further 1.8 million.

Completion of the IPO will allow Coke to exercise its option to acquire an indirect 97.03% interest in PT Cristian Eka Pratama, which holds an Indonesian Exploration Mining Business Licence over the Cristian coal project, a long-life thermal coal project located 15 kilometres from the Mahakam River, East Kalimantan with established infrastructure in place, and a comprehensive drilling program planned.

The project is located alongside the Graha Panka Karsa project currently owned by the newly formed alliance between Kangaroo Resources and PT Bayan Resources TBK.

Coke will also acquire Indotan, which owns a 75% interest in PT Indotan Sumbawa Barat that holds a permit to carry out exploration and a feasibility study for gold at the Taliwang gold project in Sumbawa.

Coke Resources has negotiated the acquisition of 75% the Taliwang project currently owned and operated by Southern Arc Minerals Inc. which is a highly prospective gold, silver and copper concession in Sumbawa, Indonesia. Settlement of the sale agreement remains conditional upon the Company?s due diligence of the project.

The Taliwang property covers an area of 31,204 hectares and is located in an excellent and prospective location, on the West coast of Sumbawa Island, Indonesia, in the Taliwang sub-district, West Sumbawa Regency, about 15 km to the north of Newmont's world-class Batu Hijau porphyry copper-gold mine, hosting proven secondary NNE to NE- and SW-trending mineralized structures.

The property contains epithermal gold-silver-bearing quartz veins, high-level hydrothermal breccias, sedimentary-hosted gold and porphyry Cu-Au targets. Coke Resources Limited is currently in the process of evaluating existing drilling data with the objective of formulating a comprehensive drilling plan in the short term.

IPO proceeds will also be used for exploration, which will also be the main use of any oversubscription funds.

Editing by Er Audy Zandri