Wrap Text
Funding Update
Resource Generation Limited
Registration number ACN 059 950 337
(Incorporated and registered in Australia)
ISIN: AU000000RES1
Share Code on the ASX: RES
Share Code on the JSE: RSG
(“Resgen” or the “Company”)
16 April 2021
Funding Update
Resource Generation Limited (ASX:RES) (ResGen or Company) announced to the market on 08 April 2021
that it had reached agreement with Noble Resources International Pte Ltd (Noble) to provide up to an
additional US$0.993m in working capital. The first tranche of this additional working capital had been
provided by Noble in March 2021.Subsequent advances, for April 2021 and May 2021, would be subject
to Noble Board approval as set out in Clause 3.2 (c) of the Tenth Deed of Agreement i.e. “the Lender
obtaining approval from its board of directors to provide the Subsequent Advance”.
The Company has subsequently been advised by Noble that the Noble Board has carefully considered the
progress of the ResGen strategic review and Noble’s ability to continue funding the loan to Ledjadja, and
has confirmed that they will not be providing any further approval (under clause 3.2(c) of the Agreement)
for any further Subsequent Advances.
The Board has entered into urgent discussions and is considering all options including the appointment of
Administrators.
The Company also wishes to advise of the resignation of Senior Executives. Chief Financial Officer Mr Brian
Harvey and Chief Operations Officer Mr Zirk van der Bank have both tendered their resignations and will
leave the Company on 30 April 2021. The Board thanks Mr Harvey and Mr van der Bank for their service
to the Company and wishes them well for future endeavours.
Other Matters
The Company will keep the Market informed in accordance with its continuous disclosure obligations.
Resource Generation Australia (ACN 059 950 337)
c/o Level 1, 17 Station Road, Indooroopilly, QLD, 4068
GPO Box 126, Albion QLD 4010. Phone +27 (011) 010 6310 Fax +27 (086) 539 3792
Directors: Lulamile Xate (Chairman), Robert Croll, Dr. Konji Sebati,
Colin Gilligan, Leapeetswe Molotsane, Greg Hunter, Michael Gray www.resgen.com.au
Interim CEO: Leapeetswe Molotsane
Company secretary: Mike Meintjes
Approved for release by the Board of Resource Generation Limited.
About Resgen:
Resource Generation Limited (Resgen) is an emerging ASX and JSE-listed energy company, currently
developing the Boikarabelo Coal Mine in South Africa’s Waterberg region. The Waterberg accounts for
around 40% of the country’s currently known coal resources. The Coal Resources and Coal Reserves for the
Boikarabelo Coal Mine, held through the operating subsidiary Ledjadja Coal, were recently updated based
upon a new mine plan and execution strategy. The Boikarabelo Coal Resources total 995Mt and the Coal
Reserves total 267Mt applying the JORC Code 2012 (ASX Announcement :23 January 2017- In accordance
with Listing Rule 5.23.2 the Company confirms that it is not aware of any new information that would impact
on the Reported Coal Resources and Coal Reserves). Stage 1 of the mine development targets saleable coal
production of 6 million tonnes per annum. Ledjadja Coal is a Black Economic Empowerment subsidiary (BEE)
operating under South Africa’s Broad-based Black Economic Empowerment Act, Section 9(5): Codes of Good
Practice
ResGen’s primary shareholders are the Public Investment Corporation of South Africa (PIC), Noble Group and
Altius Investment Holdings.
Forward looking statements
This announcement may contain certain forward-looking statements. Forward-looking statements include
those containing words such as “anticipate”, “believe”, “expect”, “project”, “forecast”, “estimate”, “likely”,
“intend”, “should”, “could”, “may”, “target”, “plan”, “consider”, “foresee”, “aim”, “will” and other similar
expressions. Any forward-looking statements, opinions and estimates provided in this announcement are
based on assumptions and contingencies which are subject to change without notice and involve known
and unknown risks and uncertainties and other factors which are beyond the control of Resgen. To the
maximum extent permitted by law, the directors of Resgen, Resgen and any of its related bodies corporate
and affiliates, and their officers, partners, employees, agents, associates and advisers disclaim any
obligations or undertaking to release any updates or revisions to the information in this announcement to
reflect any change in expectations or assumptions, do not make any representation or warranty, express or
implied, as to the accuracy, reliability or completeness of such information, or likelihood of fulfillment of
any forward-looking statement or any event or results expressed or implied in any forward-looking
statement, and disclaim all responsibility and liability for these forward-looking statements (including,
without limitation, liability for negligence).
For further information please contact:
Eryl Baron, Company Secretary on eryl.baron@boardroomlimited.com.au
Media enquiries:
South Africa: Marion Brower/ Charmane Russell on +27 11 880 3924
JSE Sponsor:
Deloitte & Touche Sponsor Services (Pty) Limited\
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Date: 16-04-2021 08:59:00
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