[miningmx.com] – COAL of Africa (CoAL) said it was fully funded ahead of its $91m bid for Universal Coal after M&G Investment Management agreed to buy $3m worth of CoAL shares.
On November 26, CoAL launched a R1.29bn reverse takeover of Australia’s Universal Coal – a development CoAL CEO, David Brown, described as “… a springboard for creating a new coal mining force”.
The offer, comprised of A$0.20c/share in cash and one new CoAL share per Universal share, trumps the A$0.16c/share hostile takeover attempt of Universal’s 29.9% shareholder, IchorCoal, which was made on August 21.
