Announcemtn out today - so what do you think they will do with the cash - note the last line of this announcement
TORONTO, ONTARIO--(Marketwire - April 17, 2008) - Homeland Energy Group Ltd. (TSX:HEG) ('Homeland' or 'the Company') is pleased to announce that it has completed the sale of five per cent (5%) of its South African subsidiary, Homeland Mining and Energy SA (Pty) Ltd ("Homeland South Africa") to GMR Energy Limited ("GMR Group") of Bangalore, India for a cash payment to Homeland of US$15 million. GMR Group maintains options to acquire an additional 5% and 40% of Homeland South Africa valuing the Company's subsidiary at US$310 million. If all three options are exercised by September 2, 2008, Homeland Energy will receive a total of US$155 million for the sale of 50% of Homeland South Africa. Details of the three options are included below. The sale to GMR Group incorporates the projects and properties held within Homeland's South African subsidiary, including the Kendal Mine, Eloff coal mining project, the Northfield site reclamation project as well as exploration projects in South Africa. The transaction excludes Homeland Energy's corporate interests in Homeland Uranium, Altona Resources and other projects under consideration in southern Africa and elsewhere.
"This transaction represents a strategic move forward for Homeland Energy Group, as well as an endorsement of the quality of the underlying assets of the Company," commented Stephen Coates, President and CEO. "Our Board and management team believe that a partnership with an organisation of the quality of the GMR Group and the cash resulting from this deal provides the independence to develop the Eloff coal project, as well as other global opportunities that may arise. As these funds will be paid to Homeland's corporate entity, we are not limited to southern Africa for the deployment of the funds."
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