Coal of Africa Limited Mooiplaats update (8593R)

TIDMCZA

RNS Number : 8593R

Coal of Africa Limited

02 July 2015

   ANNOUNCEMENT                                                                         2 July 2015

Mooiplaats update

Further to the announcements of 6 November 2014, 17 December 2014, 30 January 2015 and 5 May 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 June 2015, Coal of Africa Limited ("CoAL" or the "Company") announces that the SPA will not be extended further and therefore will lapse.

The Company is continuing discussions with various parties regarding the sale of the Mooiplaats asset. Blackspear, with whom the original SPA was signed, is one of the parties that the Company is engaged with, and it continues to work towards sourcing the required funding. CoAL will continue to update the market as and when it is appropriate.

It should be noted that the company completed the equity raise referred to in the notice of 2 June 2015

David Brown

Chief Executive Officer

For more information contact:

 
                    Chief Executive                              +27 10 003 
 David Brown         Officer              Coal of Africa          8000 
                                                                 +27 10 003 
 Celeste Riekert    Investor Relations    Coal of Africa          8000 
                                          Endeavour Corporate    +61 08 9316 
 Tony Bevan         Company Secretary      Services               9100

Company advisors:

 
                          Nominated 
                           Adviser and 
 Matthew Armitt/Ross       Broker                                 +44 20 7418 
  Allister                 Financial                               8900 
  Jos Simson/Emily         PR (United     Peel Hunt LLP            +44 20 7920 
  Fenton                   Kingdom)        Tavistock               3150 
 Charmane Russell/Jane    Financial       Russell & Associates    +27 11 880 
  Kamau                    PR (South                               3924 or 
                           Africa)                                 +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

MSCBFLFBEDFEBBF

Coal of Africa (LSE:CZA)
Historical Stock Chart
From Jul 2024 to Jul 2024