Shareholders Endorse Makhado Thermal Project

Posted on : Tuesday , 22nd September 2015

Johannesburg — COAL of Africa Limited the coal exploration and project development company operating in South Africa, has announced the successful completion of the shareholder approved share placement to Yishun Brightrise Investment PTE Limited.

The 183 231 261 ordinary shares were issued to Yishun, at 5,15 pence per share, in terms of the subscription agreement entered into between the Company and Yishun in relation thereto and raised £9,43 million (US$14,5 million), including accrued interest.
The completion of the share issue satisfied the remaining conditions in the loan agreement between Yishun and CoAL pursuant to which Yishun has advanced a loan of US$10 million to the company.
The subscription proceeds and loan amount will be used to finance pre-construction costs at the company's flagship Makhado coking and thermal coal project and for general working capital.
"The proceeds from Yishun's investment in CoAL as well as the US$10 million loan to the Company will be used for general working capital and to settle obligations prompted by the granting of the Makhado Project New Order Mining Right as well as those that will be triggered by the granting of the Integrated Water Use Licence, expected in due course," David Brown, Chief Executive Officer of CoAL, commented.

Source :




Expogroup is a full service exhibition organiser with over eighteen years experience in International.Trade Exhibitions and Events. Our current portfolio includes 20 annual exhibitions from a diverse range of industries being held across the Middle East & Africa.

EXPOGROUP © 1996 - 2024 | Privacy Policy

Find us here

Subscribe Newsletter

Join our mailing list and receive latest news and advice from us in our monthly Newsletter

Yes, I would like to receive Expogroup E-newsletters

Instant Reply