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Mining Exploration Entity and Oil and Gas Exploration Entity Quarterly Report
RENERGEN LIMITED
Incorporated in the Republic of South Africa
(Registration number: 2014/195093/06)
JSE Share code: REN
A2X Share code: REN
ISIN: ZAE000202610
Australian Business Number (ABN): 93 998 352 675
ASX Share code: RLT
(“Renergen” or “the Company”)
MINING EXPLORATION ENTITY AND OIL AND GAS
EXPLORATION ENTITY QUARTERLY REPORT
Appendix 5B
Mining exploration entity and oil and gas exploration entity quarterly report
Introduced 01/07/96 Origin Appendix 8 Amended 01/07/97, 01/07/98, 30/09/01, 01/06/10,
17/12/10, 01/05/13, 01/09/16
Name of entity
RENERGEN LIMITED
ABN Quarter ended (“current quarter”)
93998352675 30 November 2019
Consolidated statement of cash flows Current quarter ZAR’000 Year to date (9
months)
ZAR’000
1. Cash flows from operating activities
1.1 Receipts from customers 689 1 671
1.2 Payments for
(a) exploration & evaluation (101) (1 335)
(b) development - -
(c) production (460) (1 332)
(d) staff costs (5 820) (17 839)
(e) administration and corporate costs (1 286) (3 234)
1.3 Dividends received (see note 3) - -
1.4 Interest received 1 839 4 431
1.5 Interest and other costs of finance paid (57) (223)
Consolidated statement of cash flows Current quarter ZAR’000 Year to date (9
months)
ZAR’000
1.6 Income taxes paid - -
1.7 Research and development refunds - -
1.8 Other (provide details if material)
- ASX Capital raising costs - (6 609)
- Working capital movements 7 788 (4 263)
- Credit obtained from supplier (non-
2 224 -
cash adjustment)
- Value Added tax refunds received 962 3 665
- Foreign Exchange Contract hedge 836 (596)
net income movement (non-cash 3 650 -
adjustment)
- Decrease in IDC costs provision
(non-cash adjustment)
1.9 Net cash from / (used in) operating 10 264 (25 664)
activities
2. Cash flows from investing activities
2.1 Payments to acquire:
(a) property, plant and equipment (201 927) (212 810)
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets (9 875) (14 574)
2.2 Proceeds from the disposal of:
(a) property, plant and equipment - -
(b) tenements (see item 10) - -
(c) investments - -
(d) other non-current assets - -
2.3 Cash flows from loans to other entities - -
2.4 Dividends received (see note 3) - -
2.5 Other (provide details if material) - (9 256)
- Purchase of options R9.2 million
2.6 Net cash from / (used in) investing (211 801) (236 640)
activities
3. Cash flows from financing activities
3.1 Proceeds from issues of shares - 102 984
3.2 Proceeds from issue of convertible notes - -
3.3 Proceeds from exercise of share options - -
3.4 Transaction costs related to issues of - (6 490)
shares, convertible notes or options
3.5 Proceeds from borrowings 283 876 283 876
Consolidated statement of cash flows Current quarter ZAR’000 Year to date (9
months)
ZAR’000
3.6 Repayment of borrowings (Settlement of (5 452) (5 452)
Convertible note)
3.7 Transaction costs related to loans and (4 814) (4 814)
borrowings (OPIC loan facility fee)
3.8 Dividends paid - -
3.9 Other (provide details if material) (950) (1 593)
3.10 Net cash from / (used in) financing 272 660 368 511
activities
4. Net increase / (decrease) in cash and
cash equivalents for the period
4.1 Cash and cash equivalents at beginning of
period 133 459 97 956
4.2 Net cash from / (used in) operating 10 264 (25 664)
activities (item 1.9 above)
4.3 Net cash from / (used in) investing activities (211 801) (236 640)
(item 2.6 above)
4.4 Net cash from / (used in) financing activities 272 660 368 511
(item 3.10 above)
4.5 Effect of movement in exchange rates on 836 1 318
cash held
4.6 Cash and cash equivalents at end of 205 481 205 481
period
5. Reconciliation of cash and cash Current quarter Previous quarter
equivalents ZAR’000 ZAR’000
at the end of the quarter (as shown in the
consolidated statement of cash flows) to the
related items in the accounts
5.1 Bank balances 159 400 461
5.2 Call deposits 40 946 132 998
5.3 Bank overdrafts - -
5.4 Other (Debt Service Reserve account on 5 134 -
the OPIC loan)
5.5 Cash and cash equivalents at end of 205 481 133 459
quarter (should equal item 4.6 above)
6. Payments to directors of the entity and their associates Current quarter
ZAR'000
6.1 Aggregate amount of payments to these parties included in item 1.2 3 457
6.2 Aggregate amount of cash flow from loans to these parties included -
in item 2.3
6.3 Include below any explanation necessary to understand the transactions included in
items 6.1 and 6.2
Salary payments made to executive directors’ amount to R2.4 million
Board fees paid to non-executive directors’ amount to R1 million
Non-executive directors are paid bi-annually.
7. Payments to related entities of the entity and their Current quarter
associates ZAR'000
7.1 Aggregate amount of payments to these parties included in item 1.2 -
7.2 Aggregate amount of cash flow from loans to these parties included -
in item 2.3
7.3 Include below any explanation necessary to understand the transactions included in
items 7.1 and 7.2
8. Financing facilities available Total facility amount Amount drawn at
Add notes as necessary for an at quarter end quarter end
understanding of the position ZAR’000 ZAR’000
8.1 Loan facilities R586 824 R283 876
8.2 Credit standby arrangements - -
8.3 Other (please specify) - -
8.4 Include below a description of each facility above, including the lender, interest rate and
whether it is secured or unsecured. If any additional facilities have been entered into or are
proposed to be entered into after quarter end, include details of those facilities as well.
Loan received from OPIC (Overseas Private Investment Corporation) for $US40 million (R586
million). An interest rate of 2.11% is charged on the amount drawn down ($US20 million) and a 4%
and 0.50% on the guarantee fee and commitment fees respectively.
As part of the finance agreement signed on 20 August 2019, Tetra4 (Pty) Ltd has ceded in
securitatem debiti to OPIC certain property and rights.
9. Estimated cash outflows for next quarter ZAR’000
9.1 Exploration and evaluation (8 436)
9.2 Development -
9.3 Production (2 231)
9.4 Staff costs (6 072)
9.5 Administration and corporate costs (249)
9.6 Other (provide details if material) (120 728)
- Cash payment of R22 million for purchase of
the remaining 10% in subsidiary Tetra4
Proprietary Limited
- Costs associated with the construction of the
new plant R99 million
9.7 Total estimated cash outflows (137 716)
10. Changes in Tenement reference and Nature of Interest at Interest at end of
tenements location interest beginning quarter
(items 2.1(b) and of quarter
2.2(b) above)
10.1 Interests in N/A N/A N/A N/A
mining tenements
and petroleum
tenements
lapsed,
relinquished or
reduced
10.2 Interests in N/A N/A N/A N/A
mining tenements
and petroleum
tenements
acquired or
increased
Compliance statement
1 This statement has been prepared in accordance with accounting standards and
policies which comply with Listing Rule 19.11A.
2 This statement gives a true and fair view of the matters disclosed.
Notes
1. The quarterly report provides a basis for informing the market how the entity’s activities
have been financed for the past quarter and the effect on its cash position. An entity that
wishes to disclose additional information is encouraged to do so, in a note or notes
included in or attached to this report.
2. If this quarterly report has been prepared in accordance with Australian Accounting
Standards, the definitions in, and provisions of, AASB 6: Exploration for and Evaluation
of Mineral Resources and AASB 107: Statement of Cash Flows apply to this report. If
this quarterly report has been prepared in accordance with other accounting standards
agreed by ASX pursuant to Listing Rule 19.11A, the corresponding equivalent standards
apply to this report.
3. Dividends received may be classified either as cash flows from operating activities or
cash flows from investing activities, depending on the accounting policy of the entity.
Johannesburg
20 December 2019
Designated Adviser
PSG Capital
Date: 20-12-2019 10:27:00
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