Wrap Text
PROJECT FUNDING
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”)
31 May 2021
PROJECT FUNDING
Since the last Funding Update of 16 April 2021, Resource Generation Limited (ASX: RES) (ResGen or the Company)
wishes to advise that the Company and its subsidiaries have requested a further extension of the first repayment date
under the Tenth Deed of Amendment and Restatement to the Facility Agreement dated 3 March 2014 as amended from
time to time with the Noble Group (Noble or The Noble Group), from 31 May 2021 to 31 August 2021.
At the date of this announcement, ResGen is still in negotiations with Noble.
The Noble Group is considering extending the loan repayment date pending progress on urgent discussions presently
underway.
The Company has obtained a further extension to payment terms with key creditors associated with the old Mine
Funding Package. These unsecured amounts total approximately R18.7m.
Shares in the Company are suspended from trade on both the ASX and JSE and will remain suspended until appropriate
Project Funding has been put in place.
CEO and MD Appointment
In addition to the above, ResGen is pleased to announce that Mr Leapeetswe (Papi) Molotsane has been permanently
appointed as Managing Director and Chief Executive Officer of ResGen (MD and CEO), with effect from 1st June 2021.
Mr Molotsane has been acting as Interim Managing Director and Chief Executive Officer of ResGen since March 2018.
During this period Mr Molotsane has led ResGen and has worked tirelessly as ResGen has strived to obtain project
funding for the development of the Boikarabelo Project.
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,
Colin Gilligan, Leapeetswe Molotsane, Michael Gray www.resgen.com.au
Leapeetswe Molotsane
Company secretary: Eryl Baron
Mr Lulamile Xate, Chairman of the ResGen Board, commented that Mr Molotsane has fulfilled the role of Interim
Managing Director and Chief Executive Officer with vigour, determination and commitment since his appointment, and
has strived to move the Company towards financial closure during these challenging times. This permanent
appointment is in recognition of his efforts and commitment to ResGen.
There are no changes to Mr Molotsane’s conditions of employment as a result of this permanent appointment. Table 1
below sets out the material terms of the Employment Contract between Resource Generation Limited and Mr
Molotsane.
Table 1: Summary of the material terms of the Employment Contract between Resource Generation Limited and Mr
Leapeetswe Molotsane.
Commencement date 19th May 2021
Term No fixed term. Ongoing until terminated by the Employee
or Employer in accordance with the Employment Contract.
Location Johannesburg, South Africa.
ZAR 3.6 million per annum (Interim MD and CEO fees)
ZAR 0.4million per annum (Director Fees)
Total Fixed Remuneration (FY2020 total remuneration AUD 393,572)
Other fees Motor vehicle benefits
Short- and Long-term Incentives Suitable plans subject to performance hurdles will be
subsequently agreed and disclosed.
Termination Entitlements Statutory entitlements as required by S African Law.
Notice Period One month notice period required by either party on
termination. May be terminated immediately for
misconduct or any reason justified in law.
Other material terms Nil
Change of Principal Place of Business
Effective immediately, the Company’s Principal Place of Business is:
c/o Regus, 33 Ballyclare Drive,
Ballywood Park, Cedarwood House
Bryanston Johannesburg, South Africa 2191.
Approved for release by the Board of Resource Generation Limited.
PAGE 2
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: 31-05-2021 08:50:00
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