Just because they are raising $200m doesn't mean its for Cokal. It actually says $100m is for Discovery Metals. To bid at 28c they will need $126m plus approximately $80m to get into production, so Blumont would need a $300m facility if it was for Discovery Metals and Cokal. I am sure they would like to acquire Cokal but something needs to happen for them to make it work. With Macquarie involved we may see others coming to the table. Also Peter Lynch mentioned a JORC upgrade coming shortly that should change things as well. At these prices CKA is very undervalued.
CKA Price at posting:
19.0¢ Sentiment: ST Buy Disclosure: Not Held
