Monday, January 21, 2019 12:30:11 PM
2019-01-21 10:03 MT - News Release
Mr. Christopher Way reports
CANAF ANNOUNCES FULL REPAYMENT OF TERM LOAN AND AWARD OF B-BBEE RATING
Canaf Investments Inc.'s majority-owned South African subsidiary, Southern Coal Pty Ltd., has fully repaid a term loan. Canaf has been awarded a level 4 broad-based black economic empowerment (B-BBEE) rating.
On 07 January 2019, Southern Coal (Pty) Ltd., ("Southern Coal") the Corporation's majority owned South African subsidiary, made its final payment for the 14 million Rand loan from ABSA bank, which was drawn down in February 2015. Repayment of this loan now releases Southern Coal from monthly instalments of approximately 392,000 Rand (approx. C$37,000 or US$28,000), which the Corporation plans to allocate to future diversification or expansion projects.
On 21 January 2019, and further to the Corporation's announcement on 15 August 2018, Southern Coal was awarded a Level 4, B-BBEE rating. Christopher Way, Chief Executive Office of Canaf, states, "Achieving a Level 4 rating is a proud achievement for Southern Coal, and now frees up the company's ability to engage in long-term agreements with existing and new potential customers."
The achievement of both the repayment of debt and the award of a Level 4 B-BBEE rating further strengthens the Corporation's financial and strategic position, as it looks at new investment and expansion opportunities.
About Canaf
Canaf is a public company listed on the TSX-V Exchange. Canaf's registered office is in Vancouver, Canada, with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100% of Quantum Screening and Crushing (Pty) Ltd., ("Quantum"), a South African based company that owns 70% of Southern Coal (Pty) Ltd., ("Southern Coal"), a company that produces a high carbon, de-volatised (calcined) anthracite.
About Southern Coal
Southern Coal produces calcined anthracite, a product used primarily as a substitute to coke in sintering processes. Southern Coal produces calcined anthracite by feeding washed anthracite coal through rotary kilns, at temperatures between 900 and 1100 degrees centigrade; the volatiles are driven off and the effective carbon content increased.
Southern Coal's two largest clients are African leaders in steel and ferromanganese production. Southern Coal operates near Newcastle, KwaZulu-Natal, where Quantum's three kilns operate; the majority of Southern Coal's feedstock anthracite is supplied from local anthracite mines in KwaZulu-Natal.
We seek Safe Harbor.
© 2019 Canjex Publishing Ltd. All rights reserved.
Recent CAF News
- Form N-CSRS - Certified Shareholder Report, Semi-Annual • Edgar (US Regulatory) • 09/04/2024 02:49:16 PM
- Form N-PX - Annual Report of proxy voting record of management investment companies • Edgar (US Regulatory) • 08/30/2024 10:27:44 AM
- Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public) • Edgar (US Regulatory) • 05/29/2024 03:14:32 PM
- Form N-CSR - Certified Shareholder Report • Edgar (US Regulatory) • 03/07/2024 03:40:57 PM
- Form SC TO-I/A - Tender offer statement by Issuer: [Amend] • Edgar (US Regulatory) • 02/23/2024 09:41:31 PM
- Morgan Stanley China A Share Fund, Inc. Announces Final Results of Tender Offer • Business Wire • 02/23/2024 09:00:00 PM
- Form SC TO-I/A - Tender offer statement by Issuer: [Amend] • Edgar (US Regulatory) • 02/21/2024 04:28:26 PM
- Morgan Stanley China A Share Fund, Inc. Announces Preliminary Results of Tender Offer • Business Wire • 02/21/2024 03:05:00 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/08/2024 06:17:42 PM
- Form SC TO-I - Tender offer statement by Issuer • Edgar (US Regulatory) • 01/22/2024 05:38:37 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 01/12/2024 12:18:08 PM
- Form SC TO-C - Written communication relating to an issuer or third party • Edgar (US Regulatory) • 12/07/2023 09:30:27 PM
- Morgan Stanley China A Share Fund, Inc. Announces Tender Offer • Business Wire • 12/07/2023 09:00:00 PM
- Morgan Stanley China A Share Fund, Inc. Declares a Dividend • Business Wire • 12/05/2023 09:30:00 PM
- Form NPORT-P - Monthly Portfolio Investments Report on Form N-PORT (Public) • Edgar (US Regulatory) • 11/28/2023 04:24:41 PM
VHAI - Vocodia Partners with Leading Political Super PACs to Revolutionize Fundraising Efforts • VHAI • Sep 19, 2024 11:48 AM
Dear Cashmere Group Holding Co. AKA Swifty Global Signs Binding Letter of Intent to be Acquired by Signing Day Sports • DRCR • Sep 19, 2024 10:26 AM
HealthLynked Launches Virtual Urgent Care Through Partnership with Lyric Health. • HLYK • Sep 19, 2024 8:00 AM
Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • ELMGF • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM