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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
-
Review: Eden Roc Cap Cana – fun, sun and golf in the CaribbeanTravel Eden Roc Cap Cana in the Dominican Republic offers everything from relaxing by the pool to a world-class golf course
-
Reeves delays cash ISA reform, but savers are not out of the woods yetThe chancellor has reportedly delayed plans to cut the cash ISA limit, which were set to be announced at Mansion House on 15 July, and will take more time to consult with the industry
