CoAL rings changes, raises $45m to settle funding nerves

Coal of Africa (CoAL), an AIM-listed South African miner, said that it had raised $45m from a cash placing in a deal to take care of its near-term funding issues less than a year after it last tapped equity investors. This time around it also hired a new chairman and revamped its board of directors, while Deutsche Bank worked on its first transaction for the firm, as JP Morgan dropped out.