30 October 2019
CLEAN INVEST AFRICA PLC
("CIA" or the "Company")
In July 2019, the Company completed the acquisition of CoalTech Limited and its wholly owned subsidiary, Coal Tech LLC, and Coal Agglomeration South Africa (Pty) Ltd (together the “CoalTech Group”) and was re-admitted to trading on the NEX Exchange. The Company also raised GBP 130,000 in total, equally from two non-executive directors, Noel Lyons and Paul Ryan, via a convertible loan note that has a conversion price of 2.75p per share. Further details can be found in the announcement of 26 July 2019.
The Admission Document of 14 June 2019 anticipated the South African Reserve Bank (“SARB”) approval on 30 August 2019. The process of approval is on-going and the Company anticipates issuing the remainder of the 256,845,316 Consideration Shares pursuant to the Acquisition of the CoalTech Group, shortly to the SA Resident Vendors. A further announcement will be made in due course.
Through CoalTech Limited, the Company continues to explore expansion opportunities in new geographies. This includes trials in Poland and in South Africa whereby samples of coal fines provided by interested parties have been successfully converted to coal pellets and accordingly, several new commercial opportunities are in the late stages of discussion. A joint venture company called CoalTech S.a.r.l. has been established with Creon Capital S.a.r.l. in Luxembourg, as a partnership to develop opportunities to build coal pelletisation plants in Russia and the Commonwealth of Independent States.
As part of the integration process, and as announced on 30 September 2019, the Company, along with CoalTech Limited, will change its year end date to 31 December to align the accounting year end date of all companies within the Group.
Mr. Filippo Fantechi, Non-Executive Chairman of the Company, commented “we are delighted by the level of commercial interest being shown in the CoalTech proprietary technology for cleaning up the environmental problem by converting coal fines waste into commercially viable coal pellets”.
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 – Non-executive Director
Telephone: 020 7486 6558
Peterhouse Capital Limited
Telephone: 020 7220 9795