Resource News

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.

Although the Credit Agreement constitutes a "related party transaction" for the purposes of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101") and TSXV Exchange Policy 5.9, it is exempt from the valuation requirements pursuant to Section 5.5(b) of MI 61-101, as the Company's securities are not listed on a market specified in that section, and from the minority approval requirements pursuant to Section 5.7(1)(f) of MI 61-101, as the credit facility is a non-convertible loan on what the Company and its independent board members have determined are market terms and is not repayable in securities of the Company.

The Company intends to use the initial Facility Advance under the Credit Agreement to repay amounts owing to Belvedere under the Third Amended and Restated Loan Agreement between the Company and Resource Capital Fund V L.P. (which was assumed by Belvedere). The remaining amounts available to BCD under the Credit Agreement will be used for general working capital purposes.

About Buffalo Coal

Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in BCD, 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 Limited.

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 23, 2023

Designated Advisor: Questco Corporate Advisory Proprietary Limited

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/152111

News Provided by Newsfile via QuoteMedia

BUF:CA
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.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
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).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
MANAGEMENT CHANGES

MANAGEMENT CHANGES

Buffalo Coal Corp.

TSX Venture: BUF

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
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.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
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").

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Belararox Limited

Belararox Identifies Lithium Pegmatite Prospectivity At Its Bullabulling Project

Belararox Limited (ASX:BRX) (“Belararox” or “the Company”), an advanced mineral explorer focused on high value clean energy metals, is pleased to announce the identification of potential LCT mineralisation in its Bullabulling tenements, which were already considered highly prospective for gold.

Keep reading...Show less
BMG Resources Limited

Rigorous Metallurgical Testwork At Abercromby Confirms High Gold Recoveries Via Conventional Milling (Average c.95%)

West Australian gold explorer BMG Resources Limited (ASX: BMG) (BMG or the Company) is pleased to report that metallurgical test work conducted on Abercromby core samples have confirmed its free milling status and therefore amenability to conventional carbon-in-leach (CIL) processing, with high gold recoveries achieved.

Keep reading...Show less
Caprice Resources Limited

RC Drilling Underway At Northampton

Caprice Resources Ltd (ASX: CRS) (“Caprice” or “the Company”) is pleased to provide an update on the Northampton Polymetallic Project (Northampton), located in the Northampton Mineral Field of Western Australia. Northampton is a historical mining area with over 100 years of base metals mining, with minimal on-ground exploration completed during the last 50 years.

Keep reading...Show less
Arch Resources to Announce Fourth Quarter 2022 Results on February 16

Arch Resources to Announce Fourth Quarter 2022 Results on February 16

ARCH Resources, Inc. (NYSE: ARCH) will discuss its fourth quarter 2022 financial results in an investor conference call on Thursday, February 16, 2023 at 10:00 a.m. Eastern time .

Arch Resources Logo (PRNewsfoto/Arch Resources, Inc.)

Interested participants may access the conference call by dialing 877-870-4263 approximately five to 10 minutes prior to the start time. For participants calling from an overseas location, please dial +1 412-317-0790.  No passcode is needed. The call will also be webcast and will be accessible via the "investor" section of the Arch website at http://investor.archrsc.com . Following the live event, a replay and an audio download will be available on the site.

Arch's fourth quarter 2022 earnings release will be distributed via PR Newswire before the market opens on February 16 and will be posted to the company's website at that time.

Arch Resources is a premier producer of high-quality metallurgical products for the global steel industry. The company operates large, modern and highly efficient mines that consistently set the industry standard for both mine safety and environmental stewardship.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/arch-resources-to-announce-fourth-quarter-2022-results-on-february-16-301736663.html

SOURCE Arch Resources, Inc.

News Provided by PR Newswire via QuoteMedia

Keep reading...Show less
Bryah Resources

High-Grade Rock Chips Up To 54.9% Mn Confirms Further Manganese Prospectivity

Bryah Resources Limited (ASX: BYH, “Bryah” or “the Company”) is pleased to announce manganese rock chip and drilling results at its 49% owned Bryah Basin manganese project. The results are part of the program drilled in July 2022 in addition to mapping and associated rock chips in new areas. Bryah (49%) and OM (Manganese) Ltd (OMM) (51%) have a Joint Venture (JV) to undertake exploration to test targets in the area, with a view to commencing manganese production. OMM is a wholly owned subsidiary of OM Holdings Limited (ASX: OMH), one of the world’s leading suppliers of manganese ores.

Keep reading...Show less
Anson Resources

Paradox Lithium Project, USA Benchmark World Tour

Anson Resources Limited (ASX: ASN) (Anson, the Company) is pleased to present its investor presentation.

Click here for the full ASX Release

Keep reading...Show less

Latest Press Releases

Related News

×