Iron ore and Coal

Resgen granted ASX waiver to include additional funding

Resgen granted ASX waiver to include additional funding
Mining News Pro - Resource Generation (Resgen) has been granted a waiver by the ASX for Listing Rule 10.1, which enables it to include the further $993 000 in funding agreed with energy supply chain company Noble Resources International.

Resgen is developing the Boikarabelo coal mine in South Africa’s Waterberg region.

One of the conditions of the further extension to the facility agreement is that the amount provided under the extension be secured by the existing share pledge granted in favour of Noble over Resgen’s interest in 74% of the shares in Ledjadja, which are held through wholly-owned subsidiary Resgen Africa Holdings (RAHL).

As Noble is a substantial shareholder in Resgen, the grant of security to it must comply with ASX Listing Rule 10.1. The original grant of the share pledge to Noble (securing up to $41.9-million in advances as agreed in October 2018) was approved by shareholders for the purposes of ASX Listing Rule 10.1 at the 2018 annual general meeting.

The extension of any further amounts under the facility agreement can, however, only be secured under the share pledge by first obtaining a waiver of ASX Listing Rule 10.1 from the ASX or by calling a meeting and obtaining further shareholder approval.

In March, Resgen submitted an application to ASX seeking a further waiver from the application of ASX Listing Rule 10.1.

Approval of the Listing Rule 10.1 waiver enables Resgen to finalise the conditions precedent for immediate drawdown under the facility agreement and increase the amount secured by the share pledge to $51.06-million, plus accrued interest.

The additional funds under the facility agreement will be available to Ledjadja Coal for the period through to May 14.

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