The preferred shares were issued to Ichor Coal by the company on October 16 2014, following shareholder approval 10 days earlier.
Under Universal’s articles of association, the conversion to ordinary shares must occur on August 13, 2015, unless the board decides to effect the conversion on an earlier date.
The equity component of the Universal’s New Clydesdale Colliery mine financing was successfully raised as part of the $25.5m capital raising undertaken with Ichor Coal and Coal Development Holding during October last year.
NCC is one of South Africa's oldest coal operations, and neighbour’s Universal’s Roodekop deposit, which hosts 84 million tonne thermal coal resource. The combined NCC Roodekop operation would host almost 140Mt of resources, with 12.9Mt in reserves.