Ann: Acquisition of Velvogen , page-19

The production of coal briquettes is a massive business so i can only see positives in this announcment!!!

A new agreement has been entered into, which is subject to certain provisions and due diligence: the key terms are as follows:-
(i) CityView acquiring 74% of Velvogen (Pty) Limited (“Velvogen”) a South African corporation: the remaining 26% being held by a Black Economic Empowerment entity.
(ii) Velvogen constructing a coal briquette plant with in-feed system accommodating 110 tonne/hour of high grade coal fines: Velvogen procuring a US$8.5 million bond to cover the plant construction costs.
(iii) Velvogen holding rights to be supplied with 750,000 tonnes per annum of high grade coal fines.
(iv) Velvogen holding off-take agreements for 600,000 tonnes per annum of coal briquettes linked to export pricing.