Coal Of Africa
£57m Share Placement
The Placement, equivalent to 14.52% of shares outstanding shares, was completed at a 5% discount to the pre-announcement share price. CoAL conducted the Placement primarily to finance the acquisition of NuCoal, with excess funds being applied to accelerate development at CoAL’s Vele coking coal project and for working capital requirements.
Azure acted as corporate adviser to CoAL, a longstanding client, in relation to the Placement, whilst JPMorgan Cazenove acted as Global Co-ordinator and Sole Bookrunner.