CONTINENTAL COAL TO LIST ON LONDON’S AIM TODAY
Key points:
· Shares in Continental Coal Limited to commence trading on the London Stock Exchange’s AIM Market on 19 September 2011, under ticker code COOL
· The AIM Listing will complement the Company’s existing listings on the ASX and US-OTCQX International exchanges
· Together with its ASX listing, the AIM market provides the Company with a strong platform from which to strengthen its shareholder base and increase its international profile
· The Company currently has two South African thermal coal mines in production, producing 2.0Mt ROM on an annualised basis, with its third mine to commence production in 2012
African focused coal mining and production company Continental Coal Limited (“Continental” or the “Company”) will today list its ordinary shares on the London Stock Exchange’s AIM Market.
The Company’s ordinary shares will commence trading at 8.00am BST/3.00 WST on 19 September 2011. The Company’s shares will trade under the ticker code COOL.
Commenting on the commencement of trading on the AIM market, Continental Coal Limited’s CEO, Mr Don Turvey, said that with the Company now trading on AIM it expected to benefit from the expanded international profile and engagement with additional European funds and institutional investors.
"The listing of its securities on AIM, recognised as one of the world's leading resources focussed equities exchanges, is very strategic for Continental Coal," Mr Turvey said.
"An AIM listing provides the Company with opportunities to further diversify its shareholder base, particularly with funds and institutions in Europe, increase our international profile and opens a range of opportunities for the Continental Coal to establish additional strategic partnerships.”
The compliance listing on AIM is in addition to the Company's primary listing on the Australian ASX (ticker code CCC) and the US-OTCQX International (ticker code CGFAY).
GMP Securities Europe LLP and Renaissance Capital Ltd are joint brokers to the Company for the AIM listing, with RFC Corporate Finance Ltd acting as the Company's Nominated Advisor.
As previously advised to the market (see ASX announcement dated 18 August 2011) Bruce Buthelezi, a founding director of the Company has tendered his resignation from the Board to pursue other business interests. Mr Buthelezi’s decision to resign follows the Company’s landmark transaction with SIOC-cdt, a highly successful Broad Based Black Economic Empowerment Group.
Continental Coal currently has two operating open cast coal mines, the Vlakvarkfontein and Ferreira Coal Mines, located in South Africa and producing 2Mtpa of thermal coal for the export and domestic markets. Continental commenced development of its third coal mine, the Penumbra Coal Mine on 7 September 2011 (see ASX announcements dated 8 and 12 September 2011) and has a further nine thermal coal projects that it is progressing towards development. The Company is targeting run of mine production of 7 Mtpa from 2013.
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