Xceed Resources Ltd.: Thebe ZAR 65 million investment formalised
(firmenpresse) -
Xceed Resources Ltd.: Thebe ZAR 65 million investment formalised
On 10 July 2012, Xceed Resources Limited (ASX: XCD) (Xceed) entered into a Memorandum of Understanding (“MOU”) with Thebe Mining Resources (Pty) Ltd (TMR) whereby TMR would become a cornerstone investor in the Moabsvelden thermal coal project by investing approximately ZAR65 million in the Moabsvelden project company.
Xceed is pleased to advise that the agreements governing the investment by TMR into the Moabsvelden project company have been executed.
The agreements that have been executed comprise a Subscription Agreement, an Escrow Agreement and a Share Repurchase Agreement (Agreements) pursuant to which the Moabsvelden project company, Neosho Trading 86 (Pty) Ltd (Neosho) shall repurchase the 26% equity interest held in Neosho by the Founding Shareholders and TMR shall acquire a 30% equity interest in Neosho resulting in the dilution of Xceed’s equity interest in Neosho from 74% to 70%.
The Agreements are subject to a number of conditions, including: the obtaining of credit approved finance from a bank and the granting of a mining right. TMR is working closely with Xceed and satisfactory progress is being made in relation to the satisfaction of these conditions.
TMR’s investment funds of ZAR 65 million are to be placed into an escrow account and will be released to Neosho once the various conditions precedent have been satisfied.
On entering into the Agreements, Xceed’s managing director, Mr Ian Culbert, said: “We are delighted to have moved another step forward in what we are sure will be an enjoyable and rewarding partnership with TMR”.
As previously advised to the market, Xceed has short listed two South African banks, Standard Bank and Rand Merchant Bank, to consider providing project finance for the development of the Moabsvelden thermal coal project. Xceed is continuing to work with the banks to enable them to submit final credit approved offers of project finance.
Xceed and TMR continue to work through a process whereby a further ZAR 25 million may be invested by TMR directly into Xceed.
For further information regarding the Company, please contact the Company on +61 8 9226 0329 or refer to www.xceedresources.com.au
For and on behalf of the Board of
Xceed Resources Limited
Ian Culbert
Managing Director
Xceed Resources Limited is an Australian based public company engaged in the acquisition of mineral projects in Southern Africa. The company’s primary focus is the development of coal projects located within South Africa’s premier coal fields, which are supported by established infrastructure and are readily capable of reaching their markets.
The company’s first project is the Moabsvelden thermal coal project situated in the Witbank coal field. Subject to regulatory approval, Moabsvelden is expected to have a mine life in excess of 14 years with the potential to produce export quality as well as domestic quality thermal coal from an open-cast, low strip mine.
Leseranfragen:
Xceed Resources Ltd.
Level 9, 105 St Georges Terrace
PERTH WA 6000
Tel.: +61 (08) 9226 0329
Fax: (08) 9226 0327
E-Mail: info(at)xceedresources.com.au
" alt="Maya Gold & Silver Announces Closing of CAD 7.7M on Schedule to Pouring Silver Ingots in Q4-2013">
" alt="Ridgeline Signs 5-year Water Treatment Contract and Reports Second Quarter Fiscal Year 2013 Financial Results">
Datum: 27.11.2012 - 14:06 Uhr
Sprache: Deutsch
News-ID 206966
Anzahl Zeichen: 3289
contact information:
Town:
Wien
Kategorie:
Business News
Diese Pressemitteilung wurde bisher 209 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Xceed Resources Ltd.: Thebe ZAR 65 million investment formalised
"
steht unter der journalistisch-redaktionellen Verantwortung von
Xceed Resources Ltd. (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
