Coal of Africa Limited
(ASX:CZA) has secured US$3 million to finance its takeover offer for Universal Coal.
The company has entered into a subscription agreement with M&G Investment Management Limited under which M&G has agreed to subscribe for new Coal of Africa shares.
The agreement denotes an aggregate subscription amount of $US3 million at a subscription price of US4.35c per Coal of Africa share.
The funding is the final element of financing required by the miner for its offer to acquire all the issued share capital of Universal Coal plc.
Coal of Africa recorded a net loss of $8.73 million at 30 June 2015.
