JOHANNESBURG (miningweekly.com) – The share price of Coal of Africa Limited (CoAL) surged on the London and Johannesburg bourses on Tuesday after the announcement that two subscription agreements for proceeds of $15-million had been signed.
The triple-listed coal miner, which extended the closing date for its buyout of ASX-listed Universal Coal until June 24 to allow for the conclusion of the subscription agreements, effectively replaced the terminated YBI subscription agreement and subsequent replacement loan.
Hengshun Zhongsheng Group subscribed for 229.9-million shares and Summer Trees subscribed for 114.9-million shares at a price of $0.0435 apiece.
CoAL’s share price on the JSE rose by 9.21% on Tuesday morning, while the company’s share price on the LSE rose by 4.76%.