VANCOUVER, British Columbia, Jan. 21, 2019 (GLOBE NEWSWIRE) -- Canaf Investments Inc., (TSXV:
CAF), ("Canaf") the Canada-registered mining related group, is pleased to announce the full repayment of its majority
owned South African subsidiary’s term loan, and award of 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.
Forward Looking Statements
Certain information regarding Canaf contained herein may constitute forward-looking statements. Forward looking
statements may include estimates, plans, expectations, opinions, forecasts, projections, guidance or other statements that are not
statements of fact. Although Canaf believes that the expectations reflected in such forward looking statements are reasonable, it
can give no assurance that such expectations will prove to be correct. These statements are subject to certain risks and
uncertainties and may be based on assumptions that could cause actual results to differ materially from those anticipated or
implied in the forward looking statements. Canaf is under no obligation to update or alter any forward looking statement. These
risks include operational, political, currency and geological risks and the ability of Canaf to raise or obtain funds for its
operations. Canaf's forward-looking statements are expressly qualified in their entirety by this cautionary statement.
UK Office
Christopher Way
Canaf Investments Inc.
Phone: +44 1273 492100
Fax: +44 1273 492175
E: info@canafinvestments.com
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of
this release.
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