Coal of Africa raises US$106 million
Strong dollar and contract benchmarks at three-year lows forcing US miners out
Coal of Africa (ASX:CZA) raised US$106 million after placing 130 million ordinary shares representing 24.4% of CoAL’s issued share capital prior to the placing.
Coal of Africa operates coalfields in the Mpumalanga Province in South Africa. It runs two collieries and is advancing other projects.
John Wallington, chief excecutive officer of the company was pleased with the placement.
“We are delighted with the success of this capital raise against the backdrop of such highly volatile stockmarket conditions. We remain extremely positive about the prospects for our projects and now have significant funding in place to support their ongoing development,” Wallington said in a statement.
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