Cokal Limited (ASX:CKA) has been actively engaged in pursuing a number of alternative financing opportunities. While discussions with PT Cakra Mineral Tbk (JKSE:CKRA) are continuing two other alternatives transaction proposals have been received which are being actively developed. The first is a potential merger with an established ASX listed entity.

The entity has an experienced Board and management and it has conducted technical due diligence investigations of Cokal including site visits and advised Cokal that its diligence enquiries have substantially been completed. The entity has advised Cokal that there is a key bid pre-condition (which is not within Cokal's control) and that subject to satisfaction of that condition, it is willing to quickly progress the proposal to finality. It has been indicated to Cokal that this could occur as early as within 4 weeks.

Cokal has engaged with BM Intelligence Group. The Interest from BM Intelligence has arisen particularly now that Indonesia has recently become a prime country for Chinese foreign investment. The preferred structure that has been proposed to Cokal involves Cokal floating its immediate Singapore subsidiary, Cokal Holdings Pte.

Ltd. through a Cokal owned Chinese subsidiary, on the Shanghai exchange to raise $50 million- $100 million.