Coal of Africa Limited (CoAL) has received $80 million from Haohua Energy International (Hong Kong) Co Limited (HEI), in the second installment of a $100 million investment.
The payment of the second tranche of funds – the first $20 million having been paid in November of last year – comes following the receipt of all the requisite regulatory approvals handed down by the Australian Foreign Investment Review Board, the relevant authorities of the People’s Republic of China.
The company has also secured the approval of its shareholders at an Extraordinary General Meeting held on January 25.
Pursuant to today’s announcement, CoAL has also submitted an application for the admission of 197,934,063 shares to the Alternative Investment Market (AIM) sub-market of the London Stock Exchange, on the basis of a price of 25 pence ($) per share. The newly issued shares are to be ranked equally with CoAL’s existing shares of nil par value.
The company expects admission to AIM trading to become effective by February 2; while it has also applied for quotation on the Australian Securities Exchange, and the Main Board of the Johannesburg Stock Exchange (JSE) Limited.
Following issue, there will be 1,048,368,613 in issue in total.