Continental secures short-term funding

摘要

South African producer Continental Coal has secured a $5mn short-term loan that allows it to operate as a going concern, but forces out key board members. UK corporate advisory firm Empire Equity has agreed to provide a bridging loan, which will enable Continental to continue trading while it seeks a broader recapitalisation and restructuring solution. Empire will also help the producer raise up to A$28mn ($24.5mn) through a rights issue at an offering price of A$0.01 /share.