Coal of Africa (CoAL) has extended the offer period for its takeover in order to ensure the combined company is “financially in a position to advance its combined prospects”, the company said in a statement.

The new closing date for the offer will now be 15 July.

The company already has in place subscription agreements amounting to US$23 million to finance the cash payable under the offer. However, it is continuing to work with a number of third parties to progress potential working capital funding opportunities.

Shareholders holding about 94.25% of Universal’s stock have now accepted CoAL’s offer.

Edited by .