Coal of Africa
(ASX:CZA) has said Haohua Energy International must gain shareholder and regulatory approval if it intends to fulfil its proposed share subscription.
Haohua Energy International announced to the Shanghai Stock Exchange its intention to subscribe for $5 million in Coal of Africa at a price of 4.35c per share.
Coal of Africa has said any subscription by Haohua would be subject to inter alia shareholder approval, alongside approval from regulatory bodies in both China and Australia.
As such, the company advise that discussions remain incomplete and no binding agreements have been entered into.
Coal of Africa recorded a net loss of $8.73 million at 30 June 2015.
