CoAL shareholders vote in favour of US$ 100 million investment by HEI
Author:Network sources Source:Network sources Date:2013-02-08

Coal of Africa Limited (the “Company” or “CoAL”) is pleased to announce that at the General Meeting of Shareholders held earlier today to approve the US$100 million investment in the Company by Haohua Energy International (Hong Kong) Resource Co. Limited (“HEI”), a wholly owned subsidiary of the Beijing Haohua Energy Resource Co. Limited (“BHE”), all resolutions were passed. Accordingly, the Company will proceed with the issue of the Conditional Placement Shares of US$80 million at 25 pence.
David Brown, Chairman of CoAL, said: “This investment by HEI will form the basis for a strategic partnership between CoAL and BHE that will facilitate the development of CoAL’s assets. This is a significant step in stabilising the financial structure of the Company and enables management to unlock the value in the coking assets in the Limpopo Province of South Africa. Furthermore, the exchange of financial, technical and operational expertise that can be realised from this partnership is significant and company-transforming.” 

Topics: International;
Investment Countries: China; South Africa
Industries: Coal Mining
Reference: Company news item Contact
E-mail Address: N/A
Date Posted: 28.Jan.2013 10:36:00 [GMT+2:00]
Expiry Date: 23.Jan.2023

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