Its shares fell 38% to
The steel and coal production company, which operates the Minas Moatize mine in
The company said
It added that the placing will be completed in a set of tranches, with the first tranche being conditional upon the passing of resolutions at its annual general meeting on Monday, before being issued on Thursday.
Beacon Hill said it is also awaiting a payment of
The company said further progress has been made to conclude financial due diligence for the expansion and discussions are continuing with its off-taker to update an offtake contract entered into in early 2011 to the satisfaction of the senior debt lender.
It said debt financial due diligence is expected to be imminently completed, and the final approval process including legal documentation should start shortly after.
Beacon Hill said in May that it expected a decision on its planned
"We expect to complete our debt financial due diligence within a month and to seek final relevant approvals shortly thereafter. We remain focused on starting construction of the Minas Moatize expansion project by the end of the third quarter 2014 and look forward to providing further updates regarding our progress," Chief Executive
The company added that a number of strategic investors have expressed interest in the possibility of acquiring a stake in the company or the Minas Moatize Coking Coal project, and it is currently considering its options.
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