Australian mining minnow Coal of Africa has shot up 23% following news that it has placed 100m dollars of shares at a price of 25p a share with Haohua Energy International, owned by Chinese coal producer Beijing Haohua Energy Resource.
The placement has been structured in two tranches: an initial 20m tranche, conditional upon approval by the Australian Foreign Investment Review Board, followed by a second subscription of 80m dollars conditional upon approval by the requisite regulatory authorities.
Today's full year figures for the year ending 30 June 2012 show a reduced pre-tax loss from approximately 218mn dollars to 150mn dollars.
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It has been a torrid time for long term holders of the stock, which has fallen 52% over the past year.
Major shareholders of this dual listed company include M&G Investments (17.39%), Arcelor Mittal (10.59%) and Blackrock (3.48%).
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