Village completes acquisition of 16.34% stake in Continental Coal
ASX- and Aim-listed Continental Coal last week confirmed the completion and financial settle- ment of a strategic financing transaction with diversified miner Village Main Reef, which will see Village acquiring a 16.34% stake in the coal group.
An A$8-million placement of 100-million ordinary Continental shares at an issue price of A$0.08 a share has been completed, with all funds received and shares issued for trading on the ASX and Aim.
In addition, the sale of small shareholdings was complete, with Village acquiring a total of 11.75-million shares at a price of A$0.0521 a share, with 3 560 minority members electing not to retain their shareholdings.
Continental confirmed in a statement that the monies due under the placement had been received and that the application for the new shares to be admitted to trading on the ASX and Aim markets had been made.
Trading is expected to start on Aim on or around May 10.
Monies raised from the placement would be applied to debt reduction, working capital requirements and overall strengthening of the company’s balance sheet.
Continental CEO Don Turvey said the company welcomed Village as a committed strategic partner.
“As a result of this transaction, Continental has significantly enhanced its balance sheet, streamlined its capital structure and strengthened the company’s growth strategy and operating credentials in South Africa with a major, well credentialed partner,” he commented.
As a result of the completion and financial settlement of this transaction, Village now has the right to appoint a representative to the Continental board, which it will do in the coming weeks.
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