Dual-listed Buffalo Coal’s wholly-owned subsidiary, Buffalo Coal Dundee (BCD), has concluded a tripartite agreement with Investec Bank and Belvedere Resources, pursuant to which BCD will continue to pay Investec the scheduled monthly capital repayments under a credit facility agreement, as agreed to with Investec on March 30.
Moreover, BCD undertakes to pay Investec the remaining amounts outstanding under the agreement between BCD and Investec, in full, on November 30.
Lastly, 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.