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.
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Announcement updating Moabsvelden funding on 27/9/12 said that...
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