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CoAL issues share warrants to IDC

30th October 2017

By: Anine Kilian

Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) has issued about 48.18-million unlisted share options or warrants to the Industrial Development Corporation (IDC).

This is in line with the terms of a loan agreement between the company, its subsidiary Baobab Mining and Exploration and the IDC, which was signed in April.

The first tranche of the loan funding of R120-million was drawn down by the company in May and the warrants being issued for these funds equate to 2.5% of the entire issued share capital of CoAL.

The warrants vest immediately and expire and are exercisable on or before June 16, 2022, at 60c each.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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