Clean Invest Africa Plc - Consideration Shares for the Acquisition PR Newswire

3 December 2019


("CIA" or the "Company")

Approval of CoalTech Limited Final Tranche Consideration Shares for the Acquisition

The Company is pleased to announce that the final tranche Consideration Shares in respect of CoalTech Limited, pursuant to the Acquisition, can now be allotted and issued to the South African (“SA”) Resident Vendors. Consideration Shares amounting to 243,553,571 new Ordinary Shares will be issued to the SA Resident Vendors. The Company will own 100% of the CoalTech Limited. Shareholders should note that there are still a further 13,291,745 Ordinary Shares to be issued to the SA Resident Vendors once the necessary approvals from South African Reserve Bank (”SARB”) have been granted for the acquisition of Coal Agglomeration South Africa (Pty) Ltd. It is expected that SARB approval will be granted around January 2020. A further announcement will be made in due course.

The Ordinary Shares are being issued at a deemed 2.75 pence per share, in accordance with the Acquisition Agreement, providing a valuation for the acquisition of the CoalTech Group of approximately £27.16m.

Full details of the Acquisition can be found in the Admission Document dated 14 June 2019.

Application will be made for the 243,553,571 Consideration Shares to be admitted to trading on the NEX Exchange Growth Market and it is expected that admission will occur on or around 6 December 2019.

Following the issue of the 243,553,571 SA Resident Vendor Consideration Shares, there are now 1,137,765,301 Ordinary Shares of £0.0025 each in issue. This figure may be used by Shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

The Directors of the Company accept responsibility for the content of this announcement.



Clean Invest Africa PLC

Sam Preece - Executive Director

Telephone: 020 3130 0674

Noel Lyons - Executive Director

Telephone: 020 7486 6558

Corporate Adviser

Peterhouse Capital Limited

Guy Miller

Telephone: 020 7220 9795