Resgen appoints CEO permanently, still seeking project funding
ASX- and JSE-listed coal miner Resource Generation (Resgen) has permanently appointed Leapeetswe Molotsane as MD and CEO with effect from June 1.
He has been interim MD and CEO of the company since March 2018.
Resgen states that Molotsane has worked tirelessly and strived to obtain project funding for the development of the Boikarabelo project in South Africa’s Waterberg region.
Also, Resgen and its subsidiaries have requested a further extension of the first repayment date for an agreement reached on April 8 with Noble Resources International for $993 000 in working capital.
The extension is requested from May 31 to August 31; however, Resgen states that it is still in negotiations with Noble.
Noble Group is considering extending the loan repayment date pending progress on urgent discussions that are presently under way.
The company has obtained a further extension to payment terms with key creditors associated with the old mine funding package, with these unsecured amounts totalling about R18.7-million.
While the company seeks project funding, it reports that its shares remain suspended from trade on both the ASX and JSE until appropriate project funding has been put in place.
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