[miningmx.com] – COAL of Africa (CoAL) said difficult market conditions have forced it to accept another extension to an agreement with Blackspear Capital to buy its Mooiplaats Colliery for R250m.
In terms of the extension, Blackspear Capital has to provide proof of funding for the transaction by June 30, CoAL said.
“Despite this delay in the completion of the sale of Mooiplaats, much progress has been made and we remain committed to the completion of this transaction as soon as possible,” said David Brown, CEO of CoAL in a statement.
“The company has a number of interested parties at various stages of the due diligence process,’ he added alluding to other potential buyers for the asset in the event Blackspear fails to finance the transaction.
