BLP advises new client J.P. Morgan Cazenove on US$106 million secondary fundraising for Coal of Africa Limited

International law firm Berwin Leighton Paisner (BLP) has advised new client J.P. Morgan Cazenove on a placing of new ordinary shares on both the AIM and the JSE for South Africa-based coal producer Coal of Africa Limited (CoAL).  CoAL is listed on the ASX, JSE and AIM.  The fundraising, structured by way of an accelerated book-building process, raised approximately US$106 million towards funding CoAL’s Vele project, the first tranche of the purchase price for its proposed Chapudi acquisition, exploration and for general working capital purposes. Of this approximately $65 million has been placed firm and the remainder has been placed conditional upon shareholder approval.

This transaction complements BLP’s other recent work within the mining sector, after the firm advised on three secondary fundraisings in the last twelve months for Mozambican miner Noventa and acted for PT Bumi Resources on its US$2.07bn sale of PT Bumi Resources Minerals to Vallar amongst other deals. 

The BLP team advising J.P. Morgan Cazenove was led by London Head of Mining and corporate finance partner Alexander Keepin, this is the third placing for CoAL that Alexander has advised J.P. Morgan Cazenove on in as many years. He was assisted by associates Brian Mulkerrins and Laura Patao-Caminas.

Commenting on the transaction, Alexander said:Raising new equity in current market conditions is tough and we are delighted to have played a part in securing such a favourable result for CoAL. The teams involved on all sides of the transaction worked incredibly hard to bring this deal to fruition for the client, a new client for BLP.”

Hogan Lovells advised CoAL. 

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