ICHOR Coal N.V.
ICHOR Coal N.V.: Ichor Coal N.V. increases shareholding in Universal Coal plc to 29.99% following conversion of preferred shares
ICHOR Coal N.V. / Key word(s): Investment/Expansion Ichor Coal N.V. increases shareholding in Universal Coal plc to 29.99% following conversion of preferred shares Johannesburg, 14 August 2015: Coal development and mining company, Ichor Coal N.V. (“IchorCoal”), has converted its preferred shares (“preferred shares”) held in Universal Coal Plc (“Universal”), resulting in IchorCoal’s stake increasing from 18.51% to 29.99%. Universal, listed in Australia, is a mid-tier coal mining company in South Africa. IchorCoal converted its 71,220,000 non-cumulative convertible preferred shares into ordinary shares at a ratio of 1:1. IchorCoal originally subscribed and paid for the preferred shares on 16 October 2014 at a price per share of A$0.18. As at the date of this announcement, Universal’s share price was A$0.12. IchorCoal’s preferred shares carried a non-cumulative preference dividend of 2%, which will now cease. The ordinary shares resulting from the conversion rank pari passu with the other ordinary shares of Universal. IchorCoal CEO, Nonkululeko Nyembezi-Heita, commented: “This conversion is in line with IchorCoal’s continued focus on value accretive acquisitions. We remain excited about Universal’s growth potential and we firmly believe its development and production trajectory will be a strong contributor to IchorCoal in the near future”. About Ichor Coal N.V. Ichor Coal N.V. is an international mining company focusing on thermal coal production in South Africa. The company owns and operates its own coal resources and sells the output coal both locally and in international markets. Furthermore, the company holds minority equity positions in two South African mining companies. IchorCoal is led by its CEO Nonkululeko Nyembezi-Heita and COO Andries Engelbrecht who together bring substantial experience in the industrial and commodity sectors. Forward looking statements This news release includes forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning estimates of expected mining and associated costs, statements relating to estimates of, and increases in, production, cash flows and values and other statements which are not historical facts. When used in this document, the words such as “could,” “plan,” “estimate”, “expect”, “intend”, “may”, “potential”, “should” and similar expressions are forward-looking statements. Although IchorCoal believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include the potential that the Company’s projects will experience technological and mechanical problems, that geological conditions may not result in commercial levels of coal production, that changes in product prices can have a material impact and that IchorCoal fails to raise sufficient capital to adequately fund its activities. Contact: Ichor Coal N.V. 2015-08-14 Dissemination of a Corporate News, transmitted by DGAP – a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de |
387061 2015-08-14 |