Clean Invest Africa Plc, the AQUIS quoted investment company is pleased to announce the successful completion of a placing (the “Placing”), to raise £155,000 to support the continuing growth of its wholly- owned subsidiaries, CoalTech Limited (“CoalTech”) and Coal Agglomeration South Africa (Pty) Ltd (“CASA”), and to provide limited working capital to the Group.
Coaltech continues to seek out commercial terms for the supply of its coal agglomeration plant technology, notwithstanding limited funds available to Coatltech. Lead times on sales are proving extremely long and despite significant investment over a number of years no sales have been achieved thus far. The pipeline nevertheless remains strong, but the Company’s success depends upon an eventual conversion of commercial discussions into a commercial contract.
I am pleased to present the interim financial results of the Group for the period 1 January 2022 to 30 June 2022.
Whilst the past period has continued to be extremely challenging, Clean Invest Africa is looking forward to the next period with significant optimism due to the potential of a substantial and strong pipeline which includes the commercialisation of Coal Agglomeration South Africa (“CASA”), industrial pelletising plant (“CASA Plant”), in South Africa, the ongoing discussion with various customers and potential partners leading to the development of joint ventures in different geographical areas which will be responsible for the construction and operation of further fines pelletizing plants, not only related to coal but also other minerals such as, for example, ilmenite and phosphate.
Clean Invest Africa plc (AQSE: CIA) is pleased to announce that following the Annual General Meeting held today, 4 July 2022, all resolutions were duly passed.
CoalTech to commence commercial coal production, initially 3,500 tonnes per month and rising to 7,000/7,500 tonnes per month in 2023.
Clean Invest Africa Plc is pleased to announce the commencement of commercial production by its clean coal subsidiary, CoalTech. The commencement of this commercial production strategy involves the full operationalisation and commercialisation of its existing pelletising plant at its South African Bulpan site. Previously the plant was, as announced, used extensively as a test facility for potential large-scale clients. CoalTech believes it has successfully completed sufficient client testing with an almost 100% client satisfaction outcome and that the time is now right to commence in-house commercial production.
The financial results of the Group for the year ended 31 December 2021 show a loss after taxation of £1,157,655 (2020: loss of £1,168,834) while the Company’s financial results for the year ended show a loss after taxation of £298,061 (2020: loss of £279,566).
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Board of CIA confirms that the Company has 1,782,863,402 ordinary shares of 0.25 pence each in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury.
The Company’s Annual General Meeting (“AGM”) will be held at 10.30am on 4 July 2022 at Peterhouse Capital Limited, 3rd Floor, 80 Cheapside, London, EC2V 6EE. The Board encourages all shareholders to vote on the resolutions to be proposed at the AGM. Instructions for voting by proxy are set out in the notes at the end of the Notice of AGM and on the proxy card sent to shareholders.
Further to the announcement of 16 September 2021, the Company is pleased to announce that it has agreed to extend the convertible loan note of £60,000 (“CLN”), for a period of 12 months, from 16 March 2022 to 15 March 2023, with three of the Company directors, Mr Noel Lyons, Mr Filippo Fantechi and Mr Paul Ryan, in equal parts, of £20,000 each.
In accordance with the Financial Conduct Authority’s Disclosure and Transparency Rules, the Board of CIA confirms that the Company has 1,753,103,402 ordinary shares of 0.25 pence each in issue, each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury.