Resource Generation Limited - Update On Placement To BlumontRelease Date: 18/12/2013 09:15:00 Code(s): RSG
Resource Generation Limited
Registered in Australia under the Corporations Act, 2001 (Cth) with
registration number ACN: 059 950 337
Share Code on the ASX: RES
Share Code on the JSE: RSG
("Resgen" or the ?Company?)
Update on placement to Blumont
Further to the previous announcement on 5 December 2013, Resource Generation has
been in discussions with Blumont Group Ltd (Blumont) regarding its commitment to the
placement of 102,596,530 shares at 22 cents per share, for which payment of
$22,571,236.60 was due on 4 December 2013.
Agreement has been reached for Blumont to deposit $2.5 million by 31 December 2013
and settlement of the balance, including a commercial rate of interest, to occur on 26
February 2014. If Blumont does not settle on 26 February 2014, the deposit of $2.5
million will be forfeited with no issue of shares in relation thereto. Should Blumont not
pay the deposit of $2.5 million by 31 December 2013, the agreed settlement terms will
cease to apply and the company will consider alternative actions.
Resource Generation reiterates that the proposed placement to Blumont is in addition to
the proceeds of $62.6 million from the recent entitlement offer, which was successfully
completed in October 2013.
The company has launched a regular newsletter containing information on activities at
Boikarabelo on the company?s website under the ?Newsletters? tab.
18 December 2013
Macquarie First South Capital Proprietary Limited
Paul Jury, Managing Director on (02) 9376 9000 or
Steve Matthews, Company Secretary on (02) 9376 9000
Anthony Tregoning (02) 8264 1000
Resource Generation is developing the Boikarabelo coal mine in the Waterberg
region of South Africa, which accounts for 40% of the country?s remaining coal
resources. There are probable reserves of 744.8 million tonnes of coal on 35% of
the tenements under the company?s control. Stage 1 of the mine development targets
saleable coal production of 6 million tonnes per annum.
Date: 18/12/2013 09:15:00 Supplied by www.sharenet.co.za
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