Continental Coal Limited, the South African thermal coal production, development and exploration company, has appointed a Special Board Committee to review various funding proposals received to refinance and/or restructure the Company’s Convertible Debentures, maturing from November 2013 to February 2014.

The company said the Special Committee consists of independent Non-Executive Directors, Ron Chamberlain (Chairman of the Special Committee), Mike Kilbride and Johan Bloemsma. The Board of Continental has mandated the Special Committee to review the various funding proposals received and, together with management, lead the process to select the appropriate funding mechanism and transaction structure in order to maximise shareholder value and is in the best interests of the Company.

During the past few months Management has identified and engaged with potential funders, and under the oversight of the Special Committee, will progress negotiations with a short list of selected funders with the objective to obtain binding, unconditional offers by the end of November 2013 that will be presented to the Board for approval.

“We are encouraged by the number of funding proposals received and therefore appointed the Special Board Committee to oversee the final stage of negotiations to ensure the most appropriate funding alternative is selected,” Continental Chief Executive Officer Don Turvey said.

“Ron, Mike and Johan are seasoned professionals when it comes to the review of strategic transactions and with their experience and oversight we are confident that the selected funding mechanism will allow for a sustainable future capital structure that is focused towards enhancing shareholder value.”