RSG - Resource Generation Limited - Update on debt funding
Resource Generation Limited
ACN 059 950 337
(Incorporated and registered in Australia)
(Registration number ACN 059 950 337)
Share code on the JSE Limited: RSG ISIN: AU000000RES1
Share code on the Australian Stock Exchange Limited: RES ISIN: AU000000RES1
UPDATE ON DEBT FUNDING
Resource Generation receives strong interest from debt funders
Resource Generation Limited has received strong interest from financiers
following a process to secure debt funding for the construction of its
Boikarabelo mine in the Waterberg region of South Africa. There are probable
reserves of 744.8 million tonnes of coal on 35% of the company`s tenements, for
which the company received a 30 year mining right in April 2011.
Potential debt funders were asked to submit expressions of interest and
indicative term sheets, and submissions have been received which more than cover
the company`s anticipated debt requirements.
Paul Jury, managing director, said: `We are very pleased with the level of
interest and look forward to working through the proposals with the potential
lenders. The offers contain a number of conditions precedent including
satisfactory contractual arrangements with Transnet and Eskom, which we are
working towards. This is another positive step forward for our plans to start
development of the Boikarabelo mine.`
This announcement was released on the ASX on 18 May 2011.
19 May 2011
Paul Jury, Managing Director on (02) 9376 9000 or
Steve Matthews, Company Secretary on (02) 9376 9000
Anthony Tregoning (02) 8264 1000
Deloitte & Touche Sponsor Services (Pty) Limited
Resource Generation has coal interests in South Africa and Tasmania. Its
current priority is to develop its planned Boikarabelo mine in the Waterberg
region of South Africa where there are probable reserves of 744.8 million tonnes
of coal on 35% of the company`s tenements.
Date: 19/05/2011 11:30:01 Supplied by www.sharenet.co.za
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