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From: Jimjones1972 (Rep: 3) reply to Jimjones1972Date: 01/21/2019 12:28
Forum: Morgan Stanley China - Msg #73Thread #674000957 (Rec: 0)
Canaf announces full repayment of term loan and award of B-BBEE rating

2019-01-21 10:03 MT - News Release

Mr. Christopher Way reports

CANAF ANNOUNCES FULL REPAYMENT OF TERM LOAN AND AWARD OF B-BBEE RATING

Canaf Investments Inc.'s majority-owned South African subsidiary, Southern Coal Pty Ltd., has fully repaid a term loan. Canaf has been awarded a level 4 broad-based black economic empowerment (B-BBEE) rating.

On 07 January 2019, Southern Coal (Pty) Ltd., ("Southern Coal") the Corporation's majority owned South African subsidiary, made its final payment for the 14 million Rand loan from ABSA bank, which was drawn down in February 2015. Repayment of this loan now releases Southern Coal from monthly instalments of approximately 392,000 Rand (approx. C$37,000 or US$28,000), which the Corporation plans to allocate to future diversification or expansion projects.

On 21 January 2019, and further to the Corporation's announcement on 15 August 2018, Southern Coal was awarded a Level 4, B-BBEE rating. Christopher Way, Chief Executive Office of Canaf, states, "Achieving a Level 4 rating is a proud achievement for Southern Coal, and now frees up the company's ability to engage in long-term agreements with existing and new potential customers."

The achievement of both the repayment of debt and the award of a Level 4 B-BBEE rating further strengthens the Corporation's financial and strategic position, as it looks at new investment and expansion opportunities.

About Canaf

Canaf is a public company listed on the TSX-V Exchange. Canaf's registered office is in Vancouver, Canada, with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100% of Quantum Screening and Crushing (Pty) Ltd., ("Quantum"), a South African based company that owns 70% of Southern Coal (Pty) Ltd., ("Southern Coal"), a company that produces a high carbon, de-volatised (calcined) anthracite.

About Southern Coal

Southern Coal produces calcined anthracite, a product used primarily as a substitute to coke in sintering processes. Southern Coal produces calcined anthracite by feeding washed anthracite coal through rotary kilns, at temperatures between 900 and 1100 degrees centigrade; the volatiles are driven off and the effective carbon content increased.

Southern Coal's two largest clients are African leaders in steel and ferromanganese production. Southern Coal operates near Newcastle, KwaZulu-Natal, where Quantum's three kilns operate; the majority of Southern Coal's feedstock anthracite is supplied from local anthracite mines in KwaZulu-Natal.

We seek Safe Harbor.

© 2019 Canjex Publishing Ltd. All rights reserved.



Reply to Jimjones1972 - Msg #6217 - 09/26/2018 10:31

Canaf Investments earns $635,257 (U.S.) in nine months

2018-09-26 07:15 MT - News Release

Mr. Christopher Way reports

CANAF ANNOUNCES FINANCIAL RESULTS FOR Q3 2018

Canaf Investments Inc., formerly known as Canaf Group Inc., has released its financial statements and management discussion and analysis for the nine-month period ended July 31, 2018.

Revenue for the nine-month period ended July 31, 2018, increased to $12,137,604 (U.S.), an increase of 43.7 per cent compared with the same period last fiscal year, which generated a net comprehensive income of $635,257 (U.S.) (2017: $622,730 (U.S.)).

For more details and discussion on the results, the financial statements and management discussion and analysis can be viewed on SEDAR or the corporation's website.

About Canaf Investments Inc.

Canaf is a public company listed on the TSX Venture Exchange. Canaf's head office is in Vancouver, Canada, with subsidiary offices in the United Kingdom and South Africa. Canaf owns 100 per cent of Quantum Screening and Crushing, a South African-based company that owns 70 per cent of Southern Coal.

We seek Safe Harbor.

© 2018 Canjex Publishing Ltd. All rights reserved.
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