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Buffalo Coal Corp. Announces Final Discharge of Investec Loan

Buffalo Coal Corp. Announces Final Discharge of Investec Loan

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company" or "Buffalo Coal") today announced the final discharge of Buffalo Coal's loan facility with Investec Bank Limited ("Investec"). The Company settled the outstanding loan facility of R32,576,523 including interest along with a reduced royalty amount agreed to with Investec of R2,500,000. On January 13, 2023 Investec issued a final discharge notice confirming that all the indebtedness and obligations of the Company under the loan facility agreement have been irrevocably and unconditionally finally paid and discharged in full on January 12, 2023. Investec has commenced the process to cancel the securities that covered this loan facility.

About Buffalo Coal

Buffalo Coal is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has an experienced coal-focused Board and Management team.

The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the Alternative Exchange, operated by the JSE.

Forward-Looking Statements

This press release may contain forward-looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those that are disclosed in or implied by such forward-looking information. The Company does not undertake any obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR FURTHER INFORMATION PLEASE CONTACT:

Ms. Emma Oosthuizen
Chief Financial Officer
Email: emma.oosthuizen@buffalocoal.co.za

Registered Office:
Greytown Road
Industrial Area, Dundee
KwaZulu-Natal, 3000

January 16, 2023

Designated Advisor: Questco Corporate Advisory Proprietary Limited

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/151262

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BUF:CA
Buffalo Coal Corp. Announces Secured Credit Facility

Buffalo Coal Corp. Announces Secured Credit Facility

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company") announced today that its wholly-owned subsidiary, Buffalo Coal Dundee Proprietary Limited ("BCD") has entered into and received approval from the South African Reserve Bank regarding a secured credit facility agreement dated November 7, 2022 and addendum to the facility agreement dated December 29, 2022 (as amended, the "Credit Agreement") with Ikwezi Mining FZE (the "Lender"), an affiliate of the Company's majority shareholder, Belvedere Resources DMCC ("Belvedere").

Pursuant to the Credit Agreement, the Lender will make a credit facility available to BCD in the aggregate principal amount of USD$30,000,000, which amount may be drawn in up to ten draws under the Credit Agreement (each such draw, a "Facility Advance"). Interest will accrue on each Facility Advance at a rate based on the base lending rate applicable in the United States of America, as prescribed by the South African Reserve Bank (7.5% as of January 20, 2023), and each Facility Advance will become due and payable three (3) years after the date such Facility Advance was advanced to BCD by the Lender. The Credit Agreement provides for a general charge against BCD's assets as security for the Facility Advances made thereunder, which may be prepaid by BCD on notice to the Lender in whole or in part without any penalties.

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Buffalo Coal Corp. Announces Completion of Rights Offering

Buffalo Coal Corp. Announces Completion of Rights Offering

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company" or "Buffalo Coal") today announced the completion of the previously announced rights offering to its shareholders (the "Rights Offering"), subject to final approval of the TSX Venture Exchange (the "TSXV").

Buffalo Coal issued 315,135,452 common shares of the Company (each a "Common Share") at a price of CDN$0.01 per Common Share for rights exercised on the TSXV and 111,038 common shares at a price of R0.13396 per Common Share  for rights exercised on the JSE. The Company raised total gross proceeds of approximately CDN$3,152,535.63 (TSXV – CDN$3,151,354.52 and JSE – R14,874.65).

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MANAGEMENT CHANGES

MANAGEMENT CHANGES

Buffalo Coal Corp.

TSX Venture: BUF

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Buffalo Coal Corp. Announces Amendments to Loan Facilities

Buffalo Coal Corp. Announces Amendments to Loan Facilities

Buffalo Coal Corp. (TSXV: BUF) (the "Company") announced today that the convertible loan facility (as amended from time to time, the ("Convertible Loan") with Belvedere Resources DMCC ("Belvedere") (assumed from Resource Capital Fund V L.P.) has been amended to remove the right of Belvedere, as lender, to convert amounts owing thereunder into shares in the capital of the corporation.

There is currently US$27,000,000 outstanding under the Convertible Loan, together with US$270,175 accrued and unpaid interest. The scheduled maturity date under the Convertible Loan is June 30, 2023. The material terms of the Convertible Loan are disclosed in the corporation's public disclosures which are filed on www.sedar.com.

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Buffalo Coal Corp. Announces Rights Offering

Buffalo Coal Corp. Announces Rights Offering

Buffalo Coal Corp. (TSXV: BUF) (JSE: BUC) (the "Company" or "Buffalo Coal") announced that it will be offering rights (the "Rights Offering") to holders of its common shares ("Common Shares") of record at the close of business on November 18, 2022 (the "Record Date"). Pursuant to the Rights Offering, each holder of Common Shares (a "Shareholder") will receive one transferable right (each, a "Right") for each Common Share held as of the Record Date. One Right will entitle the holder thereof to subscribe for one Common Share upon payment of the subscription price of $0.01 or ZAR 0.13396 (the "Subscription Price") per Common Share (the "Basic Subscription Privilege"), subject to certain limitations as outlined below. Shareholders who fully exercise their Rights under the Basic Subscription Privilege will also be entitled to subscribe for additional Common Shares, on a pro rata basis, if available as a result of unexercised Rights prior to the expiry time of the Rights Offering (the "Additional Subscription Privilege").

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Global Lithium Resources Limited

Positive Drilling Results At Manna Underpin Potential Future Resource Upgrade

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Quarterly Activities Report For The Quarter Ended 31 December 2022

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Anson Resources December 2022 Quarterly Activities Report

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