CoAL secures final funding for Universal takeover

JSE-listed Coal of Africa Limited (CoAL) has secured its final financing element in the bid for South Africa-focused coal miner Universal Coal through a $3-million subscription agreement with M&G Investment Management. CoAL had now obtained the full funding for the $91-million buy-out, with the balance paid out through existing cash reserves and through the proceeds of a previous $15-million equity investment from Yishun Brightrise at a price of $0.0435 a share.