[miningmx.com] – COAL of Africa (CoAL) said discussions leading to a possible $5m share subscription by Haohua Energy International, the company’s largest shareholder, remained incomplete.
This follows an announcement by Haohua Energy on the Shanghai Stock Exchange that it was to buy CoAL shares for $0,0435 per unit. CoAL said any such agreement would depend on CoAL shareholder approval as well as Chinese regulatory support.
“At this time, discussions remain incomplete, and no binding agreements have been entered into,” said CoAL in an announcement. CoAL is involved in the $91m takeover of Universal Coal which is listed in Australia.
