LONDON (Alliance News) - Coal of Africa Ltd shares rose on Wednesday after it said it has completed the third stage of its equity raising, with a GBP7.9 million share issuance.
Coal of Africa shares were up 8.0% to 6.24 pence per share on Wednesday morning.
As part of the third stage, the company said it issued 144.0 million shares at a price of 5.5 pence per share pursuant to the subscription agreements with Haohua Energy International (Hong Kong) Resource Co Ltd, TMM Holdings (Proprietary) Ltd and M&G Investment Management Ltd.
The first stage of the equity raising saw the company issue 251.0 million shares to raise GBP13.8 million, and the second stage was completed during December with the issue of 300 million shares at the same issue price to raise GBP16.5 million.
Following the completion of the equity raise, Coal of Africa has raised total proceeds of USD38.2 million.
By Joshua Warner; joshuawarner@alliancenews.com; @JoshAlliance
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