Last checked at 11 Jan 2016 07:11
ANNOUNCEMENT 11 January 2016
RESPONSE TO ANNOUNCEMENT BY HEI
Coal of Africa Limited ("CoAL") notes the recent announcement on the Shanghai Stock Exchange by Haohua Energy International (Hong Kong) Resource Co. Limited ("HEI") indicating their intention to subscribe for $5.0 million in the Company at a price of US$0.0435 per share. Any subscription by HEI would be subject to inter alia CoAL shareholder approval and be conditional on HEI having received any necessary regulatory approvals within the People's Republic of China and approval for the issue of the subscription shares from the Australian Foreign Investment Review Board. At this time, discussions remain incomplete, and no binding agreements have been entered into.
The Company will provide a further update to shareholders in due course.
AUTHORISED BY:
David Brown
Chief Executive Officer
For more information contact:
David Brown | Chief Executive Officer | Coal of Africa | +27 10 003 8000 |
De Wet Schutte | Chief Financial 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:
Jos Simson/Emily Fenton | Financial PR (United Kingdom) | Tavistock | +44 20 7920 3150 |
Matthew Armitt/Ross Allister | Nominated Adviser and Broker | Peel Hunt LLP
| +44 20 7418 8900 |
Charmane Russell/Olwen Auret | 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).