Resgen completes Phase 1 of strategic review
Coal miner Resource Generation (Resgen) reports that Phase 1 of its two-phase strategic review that is considering alternatives for progressing development of its Boikarabelo project, in South Africa's Waterberg, has recently been completed.
The review was initiated in November.
Going forward, Resgen is executing nondisclosure agreements with a number of interested parties ahead of providing access to the data room, following which interested parties will be given a period of four to six weeks to complete their due diligence ahead of submitting indicative proposals.
The list of parties approached as part of the review was broad based; however, interest to date has largely been from South Africa-based entities, Resgen notes.
Further, on December 14, 2020, Resgen executed a ninth deed of amendment and restatement to the facility agreement dated March 3, 2014, with Noble Group. The additional financial support of $920 000 has now been made available in three instalments to cover an austerity operating budget to progress the strategic review for the period through to February 28.
To finalise the strategic review, Resgen recently approached Noble Group for additional working capital support based on an austerity budget covering the three-month period from March 1 to May 31. In addition, Resgen has requested a further extension of the first repayment date under the facility agreement from February 28 to June 30.
Resgen has also obtained a further extension to payment terms agreed with the key consultants associated with the mine funding package (legal, financial and technical) through to May 31. These unsecured amounts total about R18.7-million.
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