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Issue of Shares and Secondary Trading Notice

17 Oct 2011 12:50

RNS Number : 3081Q
Coal of Africa Limited
17 October 2011
 



ANNOUNCEMENT

 

 

ISSUE OF SHARES AND SECONDARY TRADING NOTICE

 

Coal of Africa Limited ('CoAL' or the 'Company') confirms it has resolved to issue 144,912 ordinary shares at a deemed issue price of R7.2457 each pursuant to an employment agreement with the Managing Director of the wholly owned NiMag Group of companies ("Shares").

 

Application has been made for the 144,912 Shares to be admitted to trading on the ASX, JSE and AIM market of the London Stock Exchange ("Admission"). Admission is expected to become effective on 18 October 2011. The Shares will rank pari passu with the Company's existing Ordinary Shares.

Following the admission of the Shares, the number of Ordinary Shares on issue will be 532,284,573.

Secondary Trading Notice Pursuant to Paragraph 708A(5)(e) of the Corporations Act 2001 ("Act")

 

The Act restricts the on-sale of securities issued without disclosure, unless the sale is exempt under section 708 or 708A of the Act. By giving this notice, a sale of the Shares noted above will fall within the exemption in section 708A(5) of the Act.

 

The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:

(a) the Company issued the Shares without disclosure to investors under Part 6D.2 of the Act;

(b) as at the date of this announcement, the Company has complied with the provisions of Chapter 2M of the Act (other than section 319 in relation to a financial year ended in the calendar year 2004) as they apply to the Company, and section 674 of the Act; and

(c) as at the date of this announcement there is no information:

a. that has been excluded from a continuous disclosure notice in accordance with the ASX Listing Rules; and

b. that investors and their professional advisers would reasonably require for the purpose of making an informed assessment of:

i. the assets and liabilities, financial position and performance, profits and losses and prospects of the Company; or

ii. the rights and liabilities attaching to the relevant Shares.

 

AUTHORISED BY:

 

Shannon Coates

Company Secretary

 

For more information contact:

 

John Wallington Chief Executive Officer Coal of Africa +27 11 575 7423

Wayne Koonin Financial Director Coal of Africa +27 11 575 6797

Shannon Coates Company Secretary Coal of Africa +61 893 226 776

Chris Sim/Romil Patel/Jeremy Ellis Nominated Adviser Evolution Securities +44 20 7071 4300

Jos Simson/Emily Fenton Financial PR Tavistock +44 207 920 3150

 

www.coalofafrica.com

 

 

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 Makhado Project (coking coal) and the Mooiplaats and Woestalleen Collieries (both thermal coal).

The Mooiplaats Colliery commenced production in 2008 and is currently ramping up to produce 2 Mtpa. The Woestalleen Colliery, acquired through the acquisition of NuCoal Mining (Pty) Limited in January 2010, currently processes approximately 2.5Mtpa of saleable coal for domestic and export markets. The Woestalleen Complex also incorporates three beneficiation plants with a total processing capacity of 350,000 run of mine feed tonnes per month.

CoAL's Vele Colliery is expected to start production in the first half of 2012. During the initial phase, the operation is targeting 2.7 Mtpa ROM production to produce 1.0Mtpa saleable coking coal.. The Makhado Project, CoAL's flagship project in the Soutpansberg coalfield, is well into the feasibility stage, with a Definitive Feasibility Study nearing completion. An application for a New Order Mining Right for the Makhado Project was submitted in January 2011.

In November 2010, CoAL agreed to acquire the Chapudi coal project and several other coal exploration properties in the Soutpansberg coal basin in South Africa from the previous owners, including Rio Tinto. Upon completion, the acquisition of these projects will significantly extend the scale and scope of certain of CoAL's existing projects in the region and will more than double the resource of the existing Makhado Project.

 

 

 

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
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