LONDON (Alliance News) - Coal Of Africa Ltd saw its shares jump in early trade on Tuesday after the group said it would raise GBP38.2 million via a private placement at a huge premium to its quoted share price.
The thermal and coking coal developer said it would raise GBP38.2 million with the issue of up to 695 million shares at an issue price of 5.5 pence per share, double its closing mid-market price on Friday.
In early trade Tuesday, shares in the company were up 28% to 3.50 pence, putting it top of the risers on the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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