Buffalo Coal Corp. has advised its shareholders that its wholly-owned subsidiary, Buffalo Coal Dundee Proprietary Ltd (BCD), has concluded a tri-partite agreement with Investec Bank Ltd and Belvedere Resources DMCC.
Pursuant to the agreement:
- BCD would continue to pay Investec the scheduled monthly capital repayments under the Credit Facility Agreement, as agreed to with Investec on 30 March 2022.
- BCD undertakes to pay Investec the remaining amounts outstanding under the agreement between BCD and Investec, in full on 30 November 2022 (or such later date as may be agreed by Investec in writing).
- Belvedere undertakes to directly or indirectly advance funds to BCD, if the latter cannot fully meet the monthly capital repayment obligations to Investec, as outlined in the agreement.
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 Ltd. 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.
Read the article online at: https://www.worldcoal.com/mining/11102022/buffalo-coal-dundee-signs-tri-partite-agreement-with-investec-and-belvedere/