Coal of Africa completes acquisition of Uitkomst Colliery

Coal of Africa announced on Monday that all conditions precedent to the acquisition of 100% of the shares in and claims against Pan African Resources Coal Holdings (PAR Coal) had now been fulfilled, following Uitkomst Colliery having entered into a supply of coal agreement on terms acceptable to Coal of Africa.

The AIM-traded firm confirmed that as a result, the effective date of the implementation of the Transaction would be 30 June, when it would take over ownership, control and management of PAR CoAL and the Uitkomst Colliery.

“We look forward to incorporating the Uitkomst Colliery into CoAL, which we believe represents a transformative opportunity to provide cash flow to support CoAL as the company continues to progress its flagship Makhado project, said Coal of Africa CEO David Brown.

The board confirmed that application would be made for 261,287,625 new ordinary shares to be admitted to trading on the AIM market of the London Stock Exchange in respect of the shares to be issued to Pan African Resources.