ASF Group raises $6.3M for working capital
ASF Group (ASX: AFA)
has raised $6.3 million from its one for two non pro-rata
non-renounceable rights issue for working capital and to fund future
It received acceptances for 63,078,685 new shares, or about 38.63% of the total 163,303,144 shares priced at $0.10 each on offer.
The shortfall of 100,224,459 shares, which was not underwritten, will not be placed with any other shareholders or third parties.
The China-Australian investment house had early this month reached formal agreements to acquire a 68.205% equity interest in Civil & Mining Resources for $1,079,270.50 in cash.
This gives ASF exposure to four Exploration Permits for Coal and 22 applications for EPCs covering about 14,182 square kilometres throughout all major coal-bearing basins in Queensland.
These are prospective for coking, PCI and thermal coal. They are also situated in close proximity to operating mines, infrastructure and proven economic coal resources and offer potentially immediate to longer-term development timeframes.
Separately, ASF has lodged a bid with its strategic partners to develop the new Broadwater Marine Project, a cruise ship terminal and casino at Broadwater on the Gold Coast.
The Broadwater Marine Project is a joint initiative of the Queensland Government and Gold Coast City Council seeking investments to deliver an integrated tourism development in Queensland.
The development is also likely to contain a hotel, casino, marina and super yacht facilities, retail entertainment, hospitality, community open space, recreation facilities and a mix of residential development.
These have the potential to boost tourist visitation, increasing expenditure into the state and local economies and creating jobs.
ASF’s partners are China Communications Construction Company - third largest construction company in the world, Guangzhou Dredging Co Ltd and China State Construction Engineering Corporation Limited.
Together, they form one of two consortia bidding for the project.
ASF Group is unique among ASX-listed public companies in Australia as a creator and facilitator of two-way cross-border investments, trade and technology transfers between China and Australia.
The company’s investments have been made with a medium to long-term perspective with a view to assisting significant value creation in the investee companies. Investmetnts may be realised from time to time when it is appropriate and beneficial to do so.
These include its recent move to take a 68.205% equity interest in Civil & Mining Resources, giving it exposure to coal assets in Queensland as well as its bid for the Broadwater Marine Project on the gold coast.
The additional funds will allow it to continue with this strategy.
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