(MENAFN- ProactiveInvestors - Australia) Universal Coal (ASX: UNV) is in pre-open this morning following the ASX granting the company a halt for a proposed private placement.
Universal Coal has continued to progress its South African assets, and recently executed project finance mandate with a leading South African Bank; FirstRand Bank Limited, acting through its Rand Merchant Bank division for 65% of the capital requirements for the company's Kangala thermal coal project.
Other recent highlights include:
- Successfully completed a full due diligence by Eskom on Kangala and is in the process of executing the Coal Sales Agreement with the energy provider;
- Design, engineering and capital costing has been finalised for Kangala;
- Universal has completed an 80 hole large and slim diameter drilling programme at Berenice-Cygnus and is now awaiting assay results; and
- EIA and IWULA applications submitted for Brakfontein.
The halt will last until the earlier of an announcement being made to the market, or the opening of trade on Thursday 6th December.
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