| Mon 17 Mar 2008, 10:33 | | CZA - Coal of Africa Limited - Exercise of option to acquire Coal shares |
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CZA
CZA
CZA - Coal of Africa Limited - Exercise of option to acquire Coal shares
Coal of Africa Limited
(previously, "GVM Metals Limited")
(Incorporated and registered in Australia)
(Registration number ABN 008 905 388)
Share code on the JSE Limited: CZA
ISIN AU000000CZA6
Share code on the Australian Stock Exchange Limited: CZA
ISIN AU000000CZA6
(`CoAL` or `the Company`)
EXERCISE OF OPTION TO ACQUIRE COAL SHARES
Further to its announcement of 22 January 2008, Coal of Africa Limited (ticker
"CZA"), the AIM/ASX/JSE listed coal development company operating in South
Africa, advises that Signet Mining Services (Pty) Ltd ("Signet"), through
African Global Capital LP I ("AGC"), has exercised its option to acquire
28,528,395 shares, representing 9.59% of the issued share capital of the
Company.
The option to acquire the shares formed Tranche 2 of the disposal of shares by
agreement between the Company`s former directors Nchakha Moloi and Nonkqubela
Mazwai and the private company owned and controlled by Mr Moloi and Ms Mazwai,
Motjoli Resources (Pty) Ltd, collectively to Signet as previously reported.
The shares acquired by Signet (via AGC) will be appropriately black empowered in
due course, with the final structure currently being negotiated with identified
Black Economic Empowerment partners. Upon completion of these negotiations, a
further detailed announcement will be made by the Company.
Yours sincerely,
SIMON J FARRELL
Managing Director
For more information contact:
Simon Farrell, Managing Director
CZA +61 417 985 383 or +61 8 9322 6776
Petronella Gorrie
The Event Shop +27 82 827 8815
Jos Simson/ Arabella Hobbs/ Leesa Peters
Conduit PR +44(0) 20 7429 6603
Olly Cairns / Romil Patel
Blue Oar Securities Plc +61 8 6430 1631 or +44(0) 20 7448 4400
About CoAL:
Coal of Africa Limited ("CoAL"), formerly GVM Metals Limited, is primarily
focused on the acquisition, exploration and development of thermal and
metallurgical coal projects. The Company`s key projects, along with its leading
metals processing company NiMag Group (Pty) Ltd are in South Africa. The Company
was incorporated in Western Australia and listed in 1980. Since 2005, the
Company has also listed on both the AIM and JSE markets, allowing further growth
in the Company`s coal assets.
17 MARCH 2008
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 17/03/2008 10:33:03 Produced by the JSE SENS Department.
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