In January, Continental Capital acquired a 74% interest in Continental Coal, a company with six advanced coal tenements in South Africa, three of which are due to begin production this year.
The other 26% of Continental Coal is owned by Masawu Investments, satisfying South Africa’s Black Economic Empowerment regulations.
Continental Capital has already received $10 million under its debt financing, and has been given conditional commitments of $21.5 million.
The company said it expected to complete the raising within three weeks, subject to receiving regulatory approvals.
The Perth-based resources investor also announced the appointment of Petrus Snyders as chief executive officer of Continental Coal.
Snyders was most recently managing director of Riversdale Holdings, the South African subsidiary of Riversdale Mining.
Shares in Continental Capital were up 1c to 5c this morning.
