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Continental Coal Ltd Agrees Transformational Strategic Deal With Village Main Reef Limited


Sunday, 17 Mar 2013 06:51pm EDT 

Continental Coal Ltd announced it has entered into binding funding agreements with Village Main Reef Ltd. Continental has secured a private placement transaction with VMR under which they have agreed to subscribe for 100 million ordinary shares in Continental at an issue price of AUD0.08 per share, raising a total of AUD8.0 million (Placement). Continental Coal Ltd has further entered into an agreement with VMR and established a mechanism for the sale of parcels of shares held by shareholders with a market value of less than $500 (being shareholdings less than a Minimum Shareholding as provided for in Continental Coal Ltd's constitution). As at the close of business on March 11, 2013 (Record Date) Continental Coal had 11,054 shareholders of which 5,614 held shareholdings less than a Minimum Shareholding and, as such, are described as ‘Minority Members’ in Continental Coal's constitution. The holdings of the Minority Members totaled 19,352,630 shares. VMR has advised Continental Coal that it is its intention to hold a 19.9% interest in the issued share capital of Continental Coal. 

Company Quote

36.0
-1.0 -2.70%
24 Oct 2014