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Additional Information
Market: ASX
Sector: General Mining - Coal
EPIC: CCC
Latest Price: A$0.13  (-3.85% Descending)
52-week High: A$0.54
52-week Low: A$0.13
Market Cap: A$53.84M
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Continental Coal
www.conticoal.com

Continental Coal Ltd (ASX:CCC) is a South African coal exploration and development company with current JORC resources of over 300Mt.  Continental holds interests in a number of early stage and advanced stage exploration assets in various established South African Coal mining regions.

CCC was formed to take advantage of the robust domestic and global demand for coal, with particular focus on South Africa, Botswana, Mozambique and Zimbabwe.

Full Continental Coal profile here
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Continental Coal: U.S. investment group Socius CG II now substantial shareholder with 6.86%

4th Jul 2011, 6:41 am

Continental Coal (ASX: CCC) has a new substantial shareholder with U.S. investment group Socius CG II now holding 6.86% of Continental.

The deal with Continental and Socius is a way for Continental to accelerate payments to acquire the outstanding 35.9% in Mashala Resources, which was announced at the end of last week.

Continental made a placement to Socius of 234,962,406 new shares at A$0.043 to raise US$10 million, and issued 117,481,203 unlisted 5 year warrant options at A$0.044.

A subsequent tranche will be completed with Socius at a price that will be determined at premium to the market share price at the time of draw down.

The proceeds of the first tranche of the placement will allow the company to increase its shareholding in Mashala from the current 64.1% interest to up to a maximum 83.3% interest.

Socius shareholding in Continental in time will increase to over 12.3%, providing a big vote of confidence in the company's South African coal operations.

 

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