| Mon 4 Aug 2008, 9:13 | | CZA - Coal of Africa Limited - BEE Partner receives FIRB approval |
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CZA
CZA
CZA - Coal of Africa Limited - BEE Partner receives FIRB approval
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`)
4 August 2008
BEE PARTNER RECEIVES FIRB APPROVAL
Coal of Africa Limited (`CoAL` or `the Company`), the AIM/ASX/JSE listed coal
development company operating in South Africa, is pleased to announce that Coal
Investments Limited ("CIL"), which forms part of CoAL`s current Black
Empowerment Enterprise Investors, has received approval from Australia`s Foreign
Investment Review Board ("FIRB") to increase its stake beyond 15%.
As a result, the Company will now complete Tranche 2 of the agreed placement to
CIL as announced on 19 June 2008, by issuing 12,000,000 Shares at GBP1.30 per
share, to raise an additional GBP15,600,000, taking the Company`s cash at hand
as at 31 July 2008 to in excess of A$280 million.
Following the issue of the Tranche 2 Shares, and the Shares noted below, CIL
will hold approximately 17.3% of the Company`s issued capital.
In addition, the Company will also today issue:
1 375,000 Shares to PricewaterhouseCoopers in consideration for the exercise
of a put option over 3,750 redeemable Preference Shares in NiMag Limited,
granted in terms of the preference share subscription agreement dated 16
January 2004 in relation to the acquisition of NiMag Limited; and
2 55,000 Shares to Professor Ntshengegzeni Alfred Nevhutanda, in lieu of
professional fees.
Following the abovementioned issues, the number of ordinary shares on issue will
be 411,375,378.
An Appendix 3B will be available on the company and ASX websites following this
announcement.
Secondary Trading Notice Pursuant to Paragraph 708A(5)(e) of the Corporations
Act 2001 ("Act")
The Act restricts the on-sale of securities issued without disclosure, unless
the sale is exempt under section 708 or 708A of the Act. By giving this notice,
a sale of the Shares noted above will fall within the exemption in section
708A(5) of the Act.
The Company hereby notifies ASX under paragraph 708A(5)(e) of the Act that:
(a) the Company issued the Shares without disclosure to investors under Part
6D.2 of the Act;
(b) as at 4 August 2008, the Company has complied with the provisions of
Chapter 2M of the Act as they apply to the Company, and section 674 of the
Act; and
(c ) as at 4 August 2008 there is no information:
a that has been excluded from a continuous disclosure notice in
accordance with the ASX Listing Rules; and
b that investors and their professional advisers would reasonably
require for the purpose of making an informed assessment of:
i the assets and liabilities, financial position and performance,
profits and losses and prospects of the Company; or
ii the rights and liabilities attaching to the relevant Shares.
AUTHORISED BY:
Shannon Coates
Company Secretary
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/ Leesa Peters
Conduit PR
+44(0) 20 7429 6603
Olly Cairns/ Romil Patel
Blue Oar Securities Plc
+61 8 6430 1631 / +44(0) 20 7448 4400
About CoAL:
Coal of Africa Limited ("CoAL") 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.
Sponsor
PricewaterhouseCoopers Corporate Finance (Pty) Ltd
Date: 04/08/2008 09:13:01 Produced by the JSE SENS Department.
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