Keaton amends funding arrangements, date of Xceed acquisition
JOHANNESBURG (miningweekly.com) – South African coal junior Keaton Energy has amended the funding arrangements related to its acquisition of ASX-listed Xceed Resources, which would now see the issuance of 32.7-million new ordinary shares in Keaton to Gunvor Group subsidiary Plusbay for R1.78 a share.
This represented a 10% discount to the 30 trading-day volume-weighted average price of Keaton ordinary shares on the JSE for the period ended August 22.
The coal miner had further secured R130-million in debt funding from Investec, and would source the remaining required funding from its own cash resources.
As a consequence of amending the funding arrangements, Keaton and Xceed had entered into an amendment deed, which would see Keaton reimbursing Xceed with a maximum of A$350 000 for working capital, costs of the scheme and operational expenses incurred as a result of the delay to the transaction implementation.
In light of the delay in finalising the funding arrangements, Keaton had been granted an extension by the JSE to post its circular to shareholders, incorporating a notice of general meeting, on or before December 24.
The company expected to hold the general meeting of Keaton shareholders on January 23.
Keaton announced in August that it had made a play for Xceed, advancing its strategy of growing into a five-million-tonne-a-year producer.
Xceed held an interest in three coal projects in South Africa, including the Moabsvelden, Roodepoort and Bankfontein projects, which had a combined total resource of 114.4-million tonnes.
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