[miningmx.com] – COAL of Africa (CoAL) had succesfully raised $23.4m in a first phase equity issue after the buyer of the share Haohua Energy International (Hong Kong) Resource, won regulatory approval for the purchase.
The cash raiser would be followed by a second $41.5m tranche which was conditional TMM Holdings having obtained sufficient funds. Combined with the sale of CoAL’s Mooiplaats assets to Blackspear Capital, which is expected to be completed in November, CoAL will raise enough cash to dispense with its legacy issues.
“These transactions will place the company in a position to conclude on all outstanding legacy issues and commence project development,” said David Brown, CEO of CoAL in an announcement to the Johannesburg Stock Exchange.
