COOL Conti.Coal

 
TIDMCOOL 
 
8 January 2014 
 
Continental Coal Limited (ASX Ticker: CCC; AIM Ticker: COOL) 
 
Refinancing Update 
 
Further to its announcement on 6 January 2014, Continental Coal Limited (ASX: 
CCC; AIM: COOL) ("the Company") wishes to advise that it is still endeavouring 
to complete a recapitalization of the Company that will allow it to settle its 
Convertible Notes that mature from November 2013 to February 2014 as well as 
other creditors. As such the Company's shares remain suspended from trading on 
both the AIM and the ASX markets. 
 
The Company has been in active discussions with the holders of Convertible 
Notes, other creditors, royalty holders and various investor groups in relation 
to a comprehensive recapitalization of the Company. Such discussions have been 
overseen by the previously announced Special Committee of the Board established 
to review various refinancing and restructure proposals. At this point, no 
restructure and/or refinancing arrangements have been agreed that are 
acceptable to all parties. The Directors would like to acknowledge the 
understanding demonstrated to date by creditors and financiers while the 
Company seeks to complete the recapitalization. 
 
The Company notes that its financial position has been affected by the 
production impact of the previously announced availability of the continuous 
miners at its new Penumbra operation, which has resulted in lower than expected 
production in recent months. Whilst the production will be augmented by the 
implementation of an additional conventional drill and blast production 
section, the ramp up of production from this is expected to take several months 
placing additional pressure on the Company's working capital requirement. 
 
If no acceptable restructure and/or refinancing arrangements can be agreed in 
the near term, the Board considers that the appointment of a voluntary 
administrator to the Company in Australia may be necessary, as it will have 
insufficient funds to meet the repayment obligations on the Convertible Notes 
and other creditors. 
 
The Company currently expects to be able to make a further announcement on this 
matter by Monday 13 January 2014. 
 
For and behalf of the Board 
 
Don Turvey 
Chief Executive Officer 
 
For further information please contact: 
 
Investors/ shareholders 
Don Turvey (Chief Executive Officer) 
Lou van Vuuren (Chief Financial Officer) 
T: +27 11 881 1429 
E: admin@conticoal.com 
W: www.conticoal.com 
 
Media (Australia) 
David Tasker 
Professional Public Relations 
T: +61 8 9388 0944 
 
Nominated Advisor 
Stuart Laing 
RFC Ambrian Limited 
T: +61 8 9480 2500 
 
Brokers 
 
Jeremy Wrathall / Chris Sim               Jonathan Williams 
Investec Bank plc                         RFC Ambrian Ltd 
T: +44 20 7597 4000                       T : +44 203 440 6817 
 
About Continental Coal Limited 
 
Continental Coal Limited (ASX:CCC/AIM: COOL) is a South African thermal coal 
producer with a portfolio of projects located in South Africa's major coal 
fields including three operating mines, the Vlakvarkfontein, Ferreira and 
Penumbra Coal Mines, producing approx. 2.2Mtpa of thermal coal for the export 
and domestic markets. A Feasibility Study was also completed on a proposed 
fourth mine, the De Wittekrans Coal Project. 
 
Forward Looking Statement 
 
This communication includes certain statements that may be deemed 
"forward-looking statements" and information. All statements in this 
communication, other than statements of historical facts, that address future 
production, reserve potential, exploration drilling, exploitation activities 
and events or developments that the Company expects to take place in the future 
are forward-looking statements and information. Although the Company believes 
the expectations expressed in such forward-looking statements and information 
are based on reasonable assumptions, such statements are not guarantees of 
future performance and actual results or developments may differ materially 
from those in the forward-looking statements and information. Factors that 
could cause actual results to differ materially from those in forward-looking 
statements include market prices, exploitation and exploration successes, 
drilling and development results, production rates and operating costs, 
continued availability of capital and financing and general economic, market or 
business conditions. Investors are cautioned that any such statements are not 
guarantees of future performance and actual results or developments may differ 
materially from those stated. 
 
 
 
END 
 

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