[miningmx.com] — Coal of Africa (CoAL) said on Monday the conditions for the management buyout of subsidiaries Nimag and Metalloy Resources for R54m have been met.
Payment of R32.4m is payable to CoAL on or before the closing date of April 10. The balance would be financed by way of a vendor loan provided by CoAL, with a cession of 40% of the shares in the NiMag Group held as security against the
“Provision is made for the outstanding balance to be increased if
payment dates are not met,” read a company statement.