Buffalo Coal : Acquisition of majority stake in Buffalo Coal complete
Buffalo Coal : Acquisition of majority stake in Buffalo Coal complete Buffalo Coal announces that, further to the transaction between Resource Capital Fund V L.P. ("RCF V") and Belvedere Resources DMCC ("Belvedere") for the transfer of ownership of RCF V's securities holdings in the Company as previously announced in the press release of the Company dated as of June 15, 2022, that all administrative matters required to give effect to the transaction were completed on August 5, 2022. Craig Wiggill, the chairman of the Board, commented as follows: "We are pleased to have Belvedere as our new majority shareholder and look forward to working closely with Belvedere's management team to unlock the synergies that exist between Buffalo Coal and Belvedere." It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa.
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August 8, 2022: Buffalo Coal announces that, further to the transaction between Resource Capital Fund V L.P. ("RCF V") and Belvedere Resources DMCC ("Belvedere") for the transfer of ownership of RCF V's securities holdings in the Company as previously announced in the press release of the Company dated as of June 15, 2022, that all administrative matters required to give effect to the transaction were completed on August 5, 2022.
The Company further advises that engagements with Investec Bank Limited, as previously announced in the press release of the Company dated as of July 5, 2022 are ongoing.
Craig Wiggill, the chairman of the Board, commented as follows: "We are pleased to have Belvedere as our new majority shareholder and look forward to working closely with Belvedere's management team to unlock the synergies that exist between Buffalo Coal and Belvedere."
Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee Proprietary Limited, a South African company which has a 70% interest in Zinoju Coal Proprietary Limited ("Zinoju"). Zinoju holds a 100% interest in the Magdalena bituminous mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has an experienced coal-focused management team.
The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the Alternative Exchange, operated by the JSE Limited.
This press release may contain forward looking information within the meaning of applicable securities legislation, which reflects the Company's current expectations regarding future events. Forward looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond the Company's control, which could cause actual results and events to differ