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Coal of Africa Limited, a South Africa-based company primarily focused on the acquisition, exploration and development of thermal and metallurgical coal projects, has agreed to place approximately 59,867,731 new ordinary shares at a price of GBP0.995 per share with institutional investors. Coal of Africa will raise gross proceeds of approximately GBP59.6 million through this placement. The placing of shares represents 14.25% of Coal of Africa’s existing issued ordinary shares.

J.P. Morgan Cazenove Limited is acting as global co-ordinator and sole bookrunner for the transaction.

Evolution Securities Limited and Mirabaud Securities Limited are acting as joint lead manager and co-lead manager respectively for the transaction.

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