Continental appoints committee to review funding proposals
JOHANNESBURG (miningweekly.com) – Dual-listed Continental Coal has appointed a special board committee, consisting of independent nonexecutive directors Ron Chamberlain, Mike Kilbride and Johan Bloemsma, to review funding proposals received by the coal miner to refinance and restructure its convertible debentures that mature between November and February 2014.
During the past few months, the company’s management has identified and engaged with potential funders. It will now, under the oversight of the special committee, progress negotiations with a shortlist of selected funders to obtain binding, unconditional offers by the end of November that will be presented to the board for approval.
“We are encouraged by the number of funding proposals received and, therefore, appointed the special board committee to oversee the final stage of negotiations to ensure the most appropriate funding alternative is selected,” Continental CEO Ron Turvey said in a statement on Tuesday.
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