CoAL's Uitkomst buy completed after supply agreement finalised
PERTH (miningweekly.com) – Triple-listed Coal of Africa (CoAL) has announced that all conditions precedent for its R275-million buy of South Africa's Pan African Resources Coal Holdings have been fulfilled, after a supply agreement was signed over the Uitkomst colliery.
The transaction will now be effective at the end of June this year, with CoAL to take over ownership, control and management of both Pan African and the Uitkomst colliery.
“We look forward to incorporating the Uitkomst colliery into CoAL, which we believe represents a transformative opportunity to provide cash flow to support CoAL as the company continues to progress its flagship Makhado project,” CoAL CEO David Brown said on Monday.
Meanwhile, CoAL expected that some 261.2-million new ordinary shares will be admitted on the Aim market of the London Stock Exchange on or around the end of June. The shares will be issued to Pan African shareholders as part of the takeover agreement.
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