- Buffalo Coal Corp. (BUF) has announced that the convertible loan facility with Belvedere Resources DMCC has been amended
- The loan facility was amended to remove the right of Belvedere, as lender, to convert amounts owing thereunder into shares in the capital of the corporation
- There is currently US$27,000,000 outstanding under the convertible loan, together with $270,175 accrued and unpaid interest
- Buffalo Coal Corp. is a coal producer in South Africa
- Buffalo Coal Corp. was unchanged at $0.015 at 9:39 AM ET
Buffalo Coal Corp. (BUF) has announced that the convertible loan facility with Belvedere Resources DMCC has been amended.
The loan facility, which was assumed from Resource Capital Fund V L.P., was amended to remove the right of Belvedere, as the lender, to convert amounts owing thereunder into shares in the capital of the corporation.
There is currently US$27,000,000 outstanding under the convertible loan, together with $270,175 accrued and unpaid interest.
The scheduled maturity date under the convertible loan is June 30, 2023.
In addition, the company’s wholly-owned subsidiary, Buffalo Coal Dundee Proprietary Limited (BCD), together with Belvedere and Investec Bank Limited, has entered into an amendment to the tri-partite agreement previously announced by the company on October 5, 2022.
In line with the agreement, the date by which BCD will repay the remaining amounts owing to Investec has been extended to January 6, 2023.
Buffalo Coal Corp. is a coal producer in South Africa which holds a majority interest in two operating mines through its 100-per-cent interest in BCD. This South African company has a 70-per-cent interest in Zinoju Coal Proprietary Limited.
Buffalo Coal Corp. was unchanged at $0.015 at 9:39 AM ET.
