Thought i would post up an article i found on Exceed about there recent aquisitions.
Xceed Resources farms into 2 South African coal projectsPublished 8:37 PM, 28 Jun 2011 Source: News Bites
Xceed Resources Ltd announced it has acquired the right for up to 70% of two coal prospecting projects located within the Witbank and Ermelo coalfields.
The company has entered into a binding HOA with South African company Hampfuna Mining & Exploration Pty Ltd (HMPL) the holder of two coal prospecting rights, Roodepoort 40 in the Witbank coal field and Bankfontein 215 in the Ermelo coal field for up to 70% in two new companies to be established to hold each of the prospecting rights. An initial 15% interest in each company will be acquired through a total cash payment of 3 million Rand (approximately $430,000) to HMPL, thereafter Xceed will acquire an additional 19% to 34% in each company through undertaking sufficient drilling to establish SAMREC compliant resources with a proviso that not less than Rand 1.5 million is spent on exploration of each property.
GL to all holders
GB
XCD Price at posting:
14.0¢ Sentiment: Buy Disclosure: Held
