Homeland Energy Group Announces Extension of Credit Facility From GMR Energy

(firmenpresse) - TORONTO, CANADA -- (Marketwire) -- 09/27/11 -- Homeland Energy Group Ltd. (TSX: HEG) ("Homeland" or the "Company") wishes to announce that it has negotiated a nine-month extension to the US$34,000,000 advanced to the Company by GMR Energy Limited, the controlling shareholder of the Company. GMR Energy Limited has agreed to extend the due date for the existing credit facility to June 27, 2012. All other terms of the facility will remain the same.

This extension is exempt from the minority shareholder approval requirements of NI 61-101 by virtue of section 5.7(f).

Homeland Energy Group Ltd. (TSX: HEG) is a coal producer with operations in the Witbank area of South Africa. The Company also has a large-scale development property in South Africa and exploration interests in Southern Africa. Homeland will continue to seek out interests in additional coal projects in South Africa and neighbouring countries as well as internationally. Homeland is a shareholder in Homeland Uranium Inc., a Canadian uranium exploration company focused on projects in Niger and the United States. Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange under the symbol "HEG" with 471,204,149 common shares issued and outstanding. .

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Contacts:
Homeland Energy Group Ltd.
Ashis Basu
Interim Chief Executive Officer
+1 416 506-1979

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Bereitgestellt von Benutzer: MARKET WIRE
Datum: 27.09.2011 - 22:54 Uhr
Sprache: Deutsch
News-ID 70377
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TORONTO, CANADA

Kategorie:

Coal

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