Last checked at 2 Jul 2015 07:00
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:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
Celeste Riekert | Investor Relations | Coal of Africa | +27 10 003 8000 |
Tony Bevan | Company Secretary | Endeavour Corporate Services | +61 08 9316 9100 |
Company advisors:
Matthew Armitt/Ross Allister Jos Simson/Emily Fenton | Nominated Adviser and Broker Financial PR (United Kingdom) | Peel Hunt LLP Tavistock | +44 20 7418 8900 +44 20 7920 3150 |
Charmane Russell/Jane Kamau | Financial PR (South Africa) | Russell & Associates | +27 11 880 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).