Name change, $12m raising for Comdek

In what is its final step in transforming itself into a fully fledged resource company, former satellite communications stock Comdek Ltd has proposed a name change and a $12 million share placement.

Shareholders will vote next month to change the name of the Subiaco-based company Resource Generation Ltd.

Comdek also plans to raise $12 million through a placement with shares priced at a discounted 18 cents each compared to the company's last trading price of 19.5c before it went into a trading halt.

Funds raised from the placement will predominately fund exploration works at its South African coal projects.

The company also holds projects in Tasmania and Cameroon.