LONDON (Alliance News) - Coal of Africa Ltd Monday said the third stage of its equity raising is still progressing as planned, after it had previously said the stage would be implemented no later than May 29.
The company is looking to raise a further GBP7.9 million in the third stage of its capital raising, bringing the total proceeds from the capital raising to over USD38.2 million.
The first stage saw the company issue 251.0 million shares to raise GBP13.8 million, and the second stage was completed during December with the issue of 300 million shares at the same issue price to raise GBP16.5 million. The third stage will involve 144 million shares being issued at the same issue price of 0.055 pence per share.
The investors for the first two stages of the capital raising were Haohua Energy International (Hong Kong) Resource Co. Ltd, M&G Investment Management Ltd, Investec Asset Management (Proprietary) Ltd and TMM Holdings (Proprietary) Ltd. Haohua, M&G and TMM are due to subscribe for shares in stage three.
Coal of Africa shares were up 1.7% at 5.77 pence in London Monday morning.
By Steve McGrath; stevemcgrath@alliancenews.com; @stevemcgrath1
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