moabsvelden funding announcement

Announcement updating Moabsvelden funding on 27/9/12 said that there was a review being conducted by Badger Mining and Consulting, who are a local consultancy firm with recognised expertise in South African coal industry.

This review was on behalf of the banks involved with/proposing funding.

This review was expected to be completed IN THE COMING WEEKS.

?Has been 4 weeks now so hopefully not much longer to wait.

Favourable review and hence funding(hopefully) essentially triggers :-

1)Subscription agreement by Thebe(65 million ZAR of the outlined 90 mill ZAR has been approved already).

2)Buy Back agreement from BEE shareholders, which converts 100% total funding of Moabsvelden by Xceed, to only 70% funding requirement(with BEE shareholders being paid back by a series of payments once production begins)

obviously all subject to formally being documented,

not long now hopefully.