The Chief Executive Officer of Imara Capital Securities, Gregory Matsake, has invited investors to participate in a private placement of Shumba Coal, which is looking to list on the Botswana Stock Exchange (BSE) by mid-February 2013.
According to Matsake, following initial discussions with the BSE, a listing application is being processed for final submission to the local bourse.
Matsake said the Private Placement, at a subscription price of P1.00 per share for a minimum of 1,000 shares, is currently underway and closed on January 17, 2013 followed by a listing on the BSE in mid-February.
“Management will be running a series of presentations on the opportunity at ICS’s offices and welcomes prospective investors to learn more about this PP opportunity,” said Matsake.
“Although the invitation was sent in late 2012, ICS has just re-dispatched it rather at short notice to allow those who missed the notification,” he added.
Shumba Coal, a majority Batswana owned company, holds a portfolio of coal exploration assets in Botswana at various stages of development. At the time of going to press, the most advanced asset is the Sechaba Thermal Coal Project (STCP) containing approximately 1 billion tonnes of good quality thermal coal.
The management team has interesting plans to develop the production and sustainable supply of thermal coal in Botswana as well as generation of power. The funds being raised are intended to propel the company through the final stage of exploration before becoming a coal miner, he said.