7th Dec 2015 10:09
LONDON (Alliance News) - Coal of Africa Ltd said Monday that M&G Investment Management Ltd has agreed to subscribe for a total of USD3 million new shares in the company, which Coal of Africa said was the final element of the financing it needed for its offer to buy Universal Coal PLC.
M&G Investment will subscribe for shares at a price of USD0.0435 per share.
Coal of Africa struck a deal valued at around AUD126.4 million to reverse into Australia-listed Universal Coal in November. Coal of Africa said that, as a result of the subscription deal, funding for the Universal Coal offer has now been fully secured.
Shares in Coal of Africa were untraded Monday morning. They last closed at 2.62 pence.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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