Coal of Africa Limited was recently awarded a new order mining right for its Makhado project in Limpopo

Triple-listed emerging coal exploration, development and mining company Coal of Africa Limited (CoAL) on Monday said that it has not entered into any binding agreement with Haohua Energy International (HEI), who has indicated its intention for a proposed $5 million buy-in into the company.

This follows HEI’s announcement on the Shanghai Stock Exchange by Haohua Energy International indicating their intention to subscribe for $5.0 million CoAL at a price of US$0.0435 per share.

Any subscription by HEI would be subject to CoAL shareholder approval and be conditional on HEI having received any necessary regulatory approvals within the People’s Republic of China and approval for the issue of the subscription shares from the Australian Foreign Investment Review Board.

“At this time, discussions remain incomplete, and no binding agreements have been entered into,” CoAL said.

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