Haohua Energy International (Hong Kong) buys shares at 25p per share
By Devika Patel
Knoxville, Tenn., Oct. 1 - Coal of Africa Ltd. said it will raise $100 million in a private placement of shares with the Haohua Energy International (Hong Kong) Co. Ltd.
The company will sell ordinary shares at 25p each. The per-share price is a 63.93% premium to the Sept. 28 closing share price of 15.25p.
The shares will be sold in two tranches of $20 million and $80 million.
Proceeds will be used for operations and development projects.
"The placement would expedite the development of CoAL's projects and lead to the formation of a strategic partnership and provide direct exposure to the world's largest coking coal market," chief executive officer John Wallington said in a press release. "The exchange of financial, technical and operational expertise will facilitate the growth and development of CoAL and the coking coal industry in South Africa."
Coal of Africa is based in Perth, Australia, and is focused on the acquisition, exploration and development of thermal and metallurgical coal projects in South Africa.
| Issuer: | Coal of Africa Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | $100 million
|
| Price: | 25p
|
| Warrants: | No
|
| Investor: | Haohua Energy International (Hong Kong) Co. Ltd.
|
| Pricing date: | Oct. 1
|
| Stock symbol: | London: CZA
|
| Stock price: | 15.25p at close Sept. 28
|
| Market capitalization: | £116.82 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
