Accordingly to Creamer Media Reporter and miningweekly, Junior
miner Coal of Africa Limited (CoAL) has acknowledged that a subsidiary of
Beijing Haohua Energy Resource Company, which is listed on the Shanghai Stock
Exchange, intends to acquire up to 215-million shares in CoAL at 5.5p a share.
The coal miner reiterated
that its ability to continue as a going concern and to pay its debts as and
when they were due was dependent on, besides other things, obtaining additional
funding from either financial institutions or the equity markets to meet its
planned commitments.
CoAL was in discussions
with a number of parties, including strategic investors, regarding a possible
capital-raising.
The company emphasised,
however, that no binding agreements had been entered into yet.
In 2012, CoAL had agreed
to a $100-million placement deal with Beijing Haohua Energy Resources
subsidiary Haohua Energy International.