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Coal of Africa Ltd Announces Beijing Haohua Energy Resource Co Ltd's Subsidiarys' Receipt Of Chinese Regulatory Approval For USD100 Million Investment

Wednesday, 9 Jan 2013 04:08am EST 

Coal of Africa Ltd (CoAL) announced that Haohua Energy International (Hong Kong) Co. Limited (HEI), a wholly owned subsidiary of Beijing Haohua Energy Resource Co. Limited (BHE), has advised the Company that it has received the requisite approvals ahead of schedule from the relevant authorities in the People's Republic of China (PRC) to proceed with the subscription for USD100 million of CoAL shares at a price of GBP0.25 per share in accordance with the definitive Subscription Agreement. Under the Subscription Agreement, the Initial Placement of USD20 million has been received by the Company and the Conditional Placement of USD80 million remains subject to shareholder approval. As announced on December 24, 2012, the Notice of the Extraordinary General Meeting (EGM) to be held on January 25, 2013, has been dispatched to shareholders to consider and approve the USD100 million investment by HEI at the EGM. 

Company Quote

-0.027 -50.00%
19 Dec 2014