Coal of Africa Ltd (CZA)

 

CoAL completes equity raise

Coal of Africa Limited has announced the successful completion of stage 3 of the share placement, announced on 26 August. The completion of stage 3 concludes the private placement which raised a total of £38.225m in three tranches.

Stage 3 of the placement resulted in the issue of 144 million ordinary shares at 5.5 pence per share each, raising £7.92m.

Chief executive David Brown said: "This concludes the placement and puts CoAL in a positive position particularly in conjunction with the recent award of the Makhado new order mining right and the deferred consideration agreement with Rio Tinto."

At 3:43pm: (LON:CZA) Coal of Africa Ltd share price was -0.07p at 5.48p