Caledon confirms share placing

Australia’s Caledon Resources confirmed it will propose a share placing, as the Queensland-focused coking coal producer scrambles to repay loans due by the end of February. The company said yesterday it had requested a trading halt on the Australian Stock Exchange, pending an announcement related to a proposed placement. There was market talk that Caledon was aiming to raise £48m, pitched at 90p a share, to repay £18m of loans due.