Regional Business Information for Yorkshire
Continental unit agrees $65m debt funding
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8th February 2012
Continental Coal's South African subsidiary CCL has agreed a binding loan with ABSA Capital for the previously announced $65m of aggregate debt funding.
The company also says the remaining conditions precedent to draw down of the $35m, seven-year project loan facility to fund the Penumbra Coal Mine development have been satisfied and scheduled to be completed later this quarter.
ABSA Capital co-head of natural resources, Neil Naidoo, said: "We are very pleased to have completed the loan documentation of our facilities with Continental Coal and to provide funding for the Penumbra Coal Mine development.
"It is testament to ABSA's dedication, its continuous support of the mining industry and the key and emerging players within it such as Continental Coal."
At 9:27am: (LON:COOL) share price was +0.25p at 15.5p
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