Coal of Africa receives 80m dollars from Beijing Haohua Energy

1st Feb 2013 09:17

AIM-listed mining company Coal of Africa has confirmed the receipt of 80m dollars for the conditional placement from Haohua Energy International company.This followed regulatory approvals from the Australian Foreign Investment Review Board, authorities in the People's Republic of China and approval by the Coal of Africa's shareholders. The company stated that the proceeds were in addition to the $20m received in November 2012 which formed part of the $100m investment by Haohua Energy International in Coal of Africa.Coal of Africa stated that application had been made for 197.9m shares to be admitted to trading on AIM based on 25 pence per share. The shares are to rank pari passu with the company's existing ordinary shares of nil par value. Application for quotation of the shares will also be made to the Australian Securities Exchange and the main board of the JSE Limited. The company stated that following admission there would be 1,048.4m shares in issue.Coal of Africa's share price was down 1.10% to 22.50p at 09:16 on Friday. MF