CoAL to enter third stage of £38.23-million capital raise
JOHANNESBURG (miningweekly.com) – Triple-listed Coal of Africa Limited (CoAL) plans to implement Stage 3 of a capital raising process to raise gross proceeds of £38.23-million by the end of May.
Stage 3 would see CoAL issue an additional 144-million shares to raise gross proceeds of £7.92-million.
Although completion of Stage 3 of the capital raising was occurring later than originally envisaged, it was not expected to affect the financial position of the company and, on completion, would conclude the capital raising, which would see the total issuance of up to 695-million shares at an issue price of £0.055.
“The successful completion of Stage 3 of the capital raising will conclude the communicated equity fundraise and allow the company sufficient funds to focus on the development of its projects. Our shareholders continue to demonstrate their continued commitment to our strategy,” CEO David Brown said in a statement on Thursday.
Analysts at Investec commented that this was positive news for CoAL. "It last reported enough cash working capital for more than a year and now this third equity tranche provides it with more than another year of life on top of that, cementing its position as an option on an improving coal price."
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Announcements
What's On
Subscribe to improve your user experience...
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?
Receive 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)
➕
Recieve 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
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation















