Notice of General Meeting (0831S)
November 15 2011 - 2:01AM
UK Regulatory
TIDMCZA
RNS Number : 0831S
Coal of Africa Limited
15 November 2011
-ANNOUNCEMENT 15 NOVEMBER 2011
NOTICE OF GENERAL MEETING AND PROXY
Further to its announcement of 3 November 2011, pursuant to
which Coal of Africa Limited (the "Company") announced a private
placement to raise gross proceeds of approximately US$106 million
(equivalent of GBP66.3 million/ZAR845 million/A$102 million)
through the placement of 130,000,000 new shares in the capital of
the Company ("Shares") at an issue price of GBP0.51 (equivalent of
ZAR6.50/A$0.874) ("Placement"), the Company has today despatched
the attached Notice of General Meeting ("Notice") and Proxy Form to
shareholders for a general meeting to be convened in London on 14
December 2011.
The Notice contains resolutions seeking shareholder ratification
of the issue on 8 November 2011 of Tranche 1 of the Placement,
comprising 79,676,037 Shares and shareholder approval to issue
Tranche 2 of the Placement, being the remaining 50,323,963 Shares
("Conditional Placing Shares").
Subject to obtaining shareholder approval to issue the
Conditional Placing Shares, the Company will apply for admission of
the Conditional Placing Shares to trading or quotation and listing
of the Conditional Placing Shares on the AIM market of London Stock
Exchange plc ("AIM") on 15 December 2011 and on the Main Board of
JSE Limited ("JSE") on 19 December 2011. Application will also be
made to the Australian Securities Exchange for the admission of the
Conditional Placing Shares.
Accordingly, the anticipated settlement date for the Conditional
Placing Shares on AIM is 15 December 2011 and on the JSE is 20
December 2011.
AUTHORISED BY:
Shannon Coates
Company Secretary
For more information contact:
John Wallington Chief Executive Officer Coal of Africa +27 11
575 7423
Wayne Koonin Financial Director Coal of Africa +27 11 575
6797
Shannon Coates Company Secretary Coal of Africa +61 893 226
776
Chris Sim/Jeremy Ellis Nominated Adviser Evolution Securities
+44 20 7071 4300
Jos Simson/Emily Fenton Financial PR Tavistock +44 207 920
3150
Melanie de Nysschen/Annerie Britz/ JSE Sponsor Macquarie +27 11
583 2000
Yvette Labuschagne
www.coalofafrica.com
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and
mining company operating in South Africa. CoAL's key projects
include the Vele Colliery (coking and thermal coal), the Makhado
Project (coking coal) and the Mooiplaats and Woestalleen Collieries
(both thermal coal).
The Mooiplaats Colliery commenced production in 2008 and is
currently ramping up to produce 2 Mtpa. The Woestalleen Colliery,
acquired through the acquisition of NuCoal Mining (Pty) Limited in
January 2010, currently processes approximately 2.5Mtpa of saleable
coal for domestic and export markets. The Woestalleen Complex also
incorporates three beneficiation plants with a total processing
capacity of 350,000 run of mine feed tonnes per month.
CoAL's Vele Colliery is expected to start production in the
first half of 2012. During the initial phase, the operation is
targeting 2.7 Mtpa ROM production to produce 1.0Mtpa saleable
coking coal.. The Makhado Project, CoAL's flagship project in the
Soutpansberg coalfield, is well into the feasibility stage, with a
Definitive Feasibility Study nearing completion. An application for
a New Order Mining Right for the Makhado Project was submitted in
January 2011.
In November 2010, CoAL agreed to acquire the Chapudi coal
project and several other coal exploration properties in the
Soutpansberg coal basin in South Africa from the previous owners,
including Rio Tinto. Upon completion, the acquisition of these
projects will significantly extend the scale and scope of certain
of CoAL's existing projects in the region and will more than double
the resource of the existing Makhado Project.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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