COAL of Africa (CoAL) has held preliminary discussions with Haohua Energy International on the possibility of the Chinese group subscribing for additional shares in CoAL, but no binding agreements are in place.Unlike most other junior mining companies, CoAL has been able to raise funding for its planned Makhado hard coking coal mine in Limpopo and its bid for Australian-listed Universal Coal, which owns the Kangala and New Clydesdale mines in SA. A month ago, it signed a memorandum of understanding with Qingdao Hengshun Group on taking an equity stake in the Makhado project.Proposed pricing for the investment values Makhado at about $335m.CoAL made a R1.5bn offer in cash and shares for Universal Coal in November.It has secured funding for the deal by concluding agreements with Yishun Brightrise Enterprises and M&G Investment Management to subscribe for shares at $0.0435 each.Haohua Energy, already a substantial shareholder in CoAL with a holding of about 24%, published a notice in H...

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