Coal of Africa Limited Mooiplaats Disposal Update (1479M)
May 05 2015 - 2:01AM
UK Regulatory
TIDMCZA
RNS Number : 1479M
Coal of Africa Limited
05 May 2015
ANNOUNCEMENT 5 May 2015
Mooiplaats Disposal Update
Further to the announcements of 6 November 2014, 17 December
2014 and 30 January 2015, regarding the finalisation of a sale and
purchase agreement ("SPA") with Blackspear Capital ("Blackspear")
for the disposal of the Mooiplaats Colliery for R250 million and
the subsequent extension of the SPA until 30 April 2015, Coal of
Africa Limited ("CoAL" or the "Company") announces that as a result
of current commodity market conditions, the Company and Blackspear
have agreed an extension to the SPA, on a non-exclusive basis, for
Blackspear to meet the proof of funding condition precedent until
30 June 2015.
David Brown, Chief Executive Officer commented:
"Despite this delay in the completion of the sale of Mooiplaats,
much progress has been made and we remain committed to the
completion of this transaction as soon as possible. The Company has
a number of interested parties at various stages of the due
diligence process."
For more information contact:
Chief Executive +27 10 003
David Brown Officer Coal of Africa 8000
+27 10 003
Celeste Harris Investor Relations Coal of Africa 8000
Endeavour Corporate +61 08 9316
Tony Bevan Company Secretary Services 9100
Company advisors:
Jos Simson/Emily Financial PR +44 20
Fenton (United Kingdom) Tavistock 7920 3150
Chris Sim/George
Price/Jeremy Investec Bank +44 20
Ellis Nominated Adviser plc 7597 5970
Charmane Russell/Jane Financial PR Russell & +27 11
Kamau (South Africa) Associates 880 3924
or
+27 82
372 5816
Investec Bank Limited is the nominated JSE Sponsor
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 Greater
Soutpansberg Project /MbeuYashu, including CoAL's Makhado Project
(coking and thermal coal).
This information is provided by RNS
The company news service from the London Stock Exchange
END
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