Coal of Africa Limited M&G Share Placement (6588V)
February 01 2017 - 2:00AM
UK Regulatory
TIDMCZA
RNS Number : 6588V
Coal of Africa Limited
01 February 2017
ANNOUNCEMENT 1 February 2017
M&G Share Placement
Coal of Africa Limited ("CoAL" or the "Company"), the coal
exploration and project development company operating in South
Africa, and traded on the ASX, AIM and the JSE, is pleased to
announce the successful completion of a share placement to M&G
Investment Management Limited ("M&G").
An amount of 49,007,596 ordinary shares (the "Placement Shares")
will be issued to M&G, at a price of 4.081 US cents per share,
in terms of the subscription agreement entered into between the
Company and M&G to raise US$2 million (the "Placement"). The
subscription proceeds amount will be used for working capital
purposes.
The issue of the Placement Shares does not require CoAL
shareholder approval or any other consents or approval.
Application has been made for the Placement Shares to be
admitted to trading on the AIM market of the London Stock Exchange
("AIM"). Admission to trading on AIM is expected to become
effective on or around 6 February 2017. The Placement Shares will
rank pari passu with the Company's existing ordinary shares of nil
par value. Application for quotation of the Placement Shares will
also be made to the Australian Securities Exchange and the Main
Board of the JSE Limited.
Following admission of the Placement Shares there will be
1,976,008,924 shares on issue. This figure may be used by
shareholders in the Company as the denominator for the calculations
by which they will determine if they are required to notify their
interest in, or a change in their interest in, the share capital of
the Company under the FCA's Disclosure Guidance and Transparency
Rules.
David Brown, Chief Executive Officer of CoAL, commented:
"The M&G placement once again confirms the support from our
large shareholders and provides the Company with additional
financial capacity to fund our working capital requirements. We
remain committed to creating shareholder wealth by continuing to
complete our turnaround strategy, a potential acquisition of a cash
generator and ultimately the development of our flagship project -
the Makhado Mine."
For more information contact:
Chief Executive +27 10 003
David Brown Officer Coal of Africa 8000
Chief Financial +27 10 003
De Wet Schutte 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:
Matthew Armitt/Ross Nominated Adviser Peel Hunt +44 20
Allister and Broker LLP 7418 8900
Jos Simson/Emily Financial PR +44 20
Fenton (United Kingdom) Tavistock 7920 3150
Charmane Russell/Olwen Financial PR Russell & +27 11
Auret (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
UPDDMGFMNMZGNZM
(END) Dow Jones Newswires
February 01, 2017 02:00 ET (07:00 GMT)
Coal of Africa (LSE:CZA)
Historical Stock Chart
From Jun 2024 to Jul 2024
Coal of Africa (LSE:CZA)
Historical Stock Chart
From Jul 2023 to Jul 2024