Deutsche Bank and Investec Bank assist with offering of ordinary stock
By Devika Patel
Knoxville, Tenn., Aug. 6 - Coal of Africa Ltd. said it raised £28.87 million in a private placement of shares. Deutsche Bank AG, Investec Bank plc and Investec Bank Ltd. were the joint global coordinators and joint bookrunners.
The company sold 115,478,798 ordinary shares at 25p each. The per-share price is a 1.96% discount to the Aug. 3 closing share price of 25.5p and also represents a 1.96% discount to the closing middle market price of 25.5p on Aug. 3, the company said in a press release.
Proceeds will be used for floatation, ultra fines and middlings plant and related design fees at the, the final payment of the $43 million first tranche for the Chapudi acquisition, additional drilling, technical studies and related work to accelerate the Generaal, Voorburg and Jutland definitive feasibility studies and project management, environmental impact assessment and stakeholder engagement for the Greater Soutpansberg Project, pre-mining right capital expenditure and general working capital.
Coal of Africa is based in Perth, Australia, and is focused on the acquisition, exploration and development of thermal and metallurgical coal projects in South Africa.
| Issuer: | Coal of Africa Ltd.
|
| Issue: | Ordinary shares
|
| Amount: | £28,869,700
|
| Shares: | 115,478,798
|
| Price: | 25p
|
| Warrants: | No
|
| Bookrunners: | Deutsche Bank AG, Investec Bank plc and Investec Bank Ltd.
|
| Settlement date: | Aug. 6
|
| Stock symbol: | London: CZA
|
| Stock price: | 25.5p at close Aug. 3
|
| Market capitalization: | £168.93 million
|
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