https://www.miningweekly.com

CoAL shareholders approve Universal offer

3rd March 2016

By: Anine Kilian

Contributing Editor Online

  

Font size: - +

JOHANNESBURG (miningweekly.com)– Aim-, ASX- and JSE-listed coal junior Coal of Africa’s (CoAL’s) recommended offer to acquire fellow South Africa-focused miner Universal Coal for A$0.25 share has received acceptances from 53.20% of Universal shareholders – representative of the total number of shares in issue – thereby satisfying formerly established conditions for the offer.

CoAL stated on Thursday that it believed that positive progress had been made on the remaining conditions, which were mainly procedural in nature and could be fulfilled in a timely manner.

CoAL further extended the offer period so that the definition of the closing date in the offer document was amended to April 15, 2016.

Unless the offer was withdrawn by CoAL, the closing date would not be later than 12 months after the offer date.

CoAL also entered into a subscription agreement with chemical manufacturer Haohua Energy International (HEI) and agreed to subscribe for 114 942 528 new CoAL shares at a subscription price of $0.0435 per CoAL share for an aggregate subscription amount of $5-million.

HEI currently held 462 417 579 CoAL shares, representing 24% of the company’s existing issued share capital.

Edited by Samantha Herbst
Creamer Media Deputy Editor

Comments

Showroom

ESAB showroom image
ESAB South Africa

ESAB South Arica, the leading supplier of high-end welding and cutting products to the Southern African industrial market is based in...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.135 0.168s - 90pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: