The company's three stage equality placement process has raised 46 million dollars net of costs and the final stage is set to raise gross proceeds of approximately 14 million dollars.
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“The successful completion of two stages of the equity placement process at a premium to the current CoAL share price is a vote of confidence in the company’s strategy and the intrinsic value of its assets, as well as the progress made during the last 18 months,” the company said.
[DATA CZA:CoAL] chief executive officer, David Brown, added,“The third stage of the placement process is expected to be completed during April 2015, resulting in a successful capital raise in what is considered to be very tough market conditions for mining companies, especially junior mining companies."
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He also stated that the money raised will go towards settling the company’s historic obligations as well as to projects which are at different stages of exploration and development.