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Update on Offer Funding
Coal of Africa Limited
(Incorporated and registered in Australia)
Registration number ABN 008 905 388
ISIN AU000000CZA6
JSE/ASX/AIM share code: CZA
("CoAL or the "Company" or the "Group")
ANNOUNCEMENT 07 December 2015
Update on Offer Funding
Coal of Africa Limited ("CoAL") is pleased to announce that, following the announcement on 26
November 2015 regarding the recommended offer to be made for Universal Coal plc, it has entered
into a subscription agreement with M&G Investment Management Limited ("M&G"), pursuant to
which M&G has agreed to subscribe for new CoAL shares for an aggregate subscription amount of
US$3 million ("M&G Subscription Agreement") at a subscription price of US$0.0435 (approximately
A$0.061) per CoAL share.
The US$3 million to be provided under the M&G Subscription Agreement is the final element of the
financing required by CoAL for its offer to acquire all the issued share capital of Universal Coal plc
(the "Offer"), and means that, on the basis of the intention statements received by CoAL in respect
of the loan note alternative for the Offer, and subject to all applicable conditions being satisfied, the
funding for the Offer has now been fully secured.
M&G's commitment to subscribe under the M&G Subscription Agreement is subject to the same
conditions as the subscription agreement entered into between CoAL and Yishun Brightrise
Enterprise Pte Limited on 25 November 2015 ("YBI Subscription Agreement"), being (1) if required,
M&G receiving approval for the issue of the subscription shares from the Australian Foreign
Investment Review Board, (2) CoAL's shareholders approving the issue of the new CoAL shares to
M&G, and (3) the Offer becoming unconditional in all respects (other than the condition that the YBI
Subscription Agreement and M&G Subscription Agreement have become unconditional in all
respects). The M&G Subscription Agreement will terminate automatically if these conditions have
not been satisfied by 30 June 2016. In addition, M&G has a right to terminate the M&G Subscription
Agreement for breach of warranty by CoAL which, in M&G’s reasonable opinion, is material in the
context of its aggregate investment in CoAL (including its previous investments).
The M&G Subscription Agreement is otherwise on substantially similar terms to the YBI
Subscription Agreement.
CoAL shareholder approval for the issue of subscription shares to M&G and Yishun will be sought
at the general meeting convened to approve the acquisition. Terms and expressions used in this
announcement shall, unless the context otherwise requires, have the same meaning as given to
them in the announcement of 26 November 2015.
For more information contact:
David Brown Chief Executive Officer Coal of Africa +27 10 003 8000
De Wet Schutte Chief Financial Officer Coal of Africa +27 10 003 8000
Celeste Riekert Investor Relations Coal of Africa +27 10 003 8000
Tony Bevan Company Secretary Endeavour Corporate Services +61 08 9316 9100
Company advisors:
Jos Simson/Emily Fenton Financial PR (United Kingdom) Tavistock +44 20 7920 3150
Matthew Armitt/Ross Allister Nominated Adviser and Broker Peel Hunt LLP +44 20 7418 8900
Charmane Russell/Olwen Auret Financial PR (South Africa) Russell & Associates +27 11 880 3924 or
+27 82 372 5816
Investec Bank Limited is the nominated JSE Sponsor
About CoAL:
CoAL is an AIM/ASX/JSE listed coal exploration, development and mining company operating in South Africa. CoAL’s key projects
include the Vele Colliery (coking and thermal coal), the Greater Soutpansberg Project /MbeuYashu, including CoAL’s Makhado Project
(coking and thermal coal).
AU: Coal of Africa Limited, Suite 8, 7 The Esplanade, Mount Pleasant, Perth WA 6153, Australia, Tel: +61 8 9316 9100, Fax: +61 8 9316 5475
ZA: South Block, Summercon Office Park, Cnr Rockery Lane and Sunset Avenue, Lonehill, 2191, Tel: +27 10 003 8000 Fax: +27 11 388 8333 Email: adminza@coalofafrica.com
Bernard R. Pryor – Chairman, David H. Brown – Chief Executive Officer, De Wet O Schutte
Non-executive directors: Peter G. Cordin, Andrew D Mifflin, Khomotso B. Mosehla ,Thabo F Mosololi, Rudolph H. Torlage
Date: 07/12/2015 09:00:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
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