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.