Range River completes A$35m drawdown
JOHANNESBURG (miningweekly.com) – ASX-listed Range River Gold, which is driving a hostile takeover bid for JSE-listed Firestone Energy, on Wednesday announced that it had successfully drawn down A$35-million under its convertible facility agreement with Standard Bank.
Range River and its now 100%-owned subsidiary, Ariona Company, used a portion of the funds to acquire a 10% interest in the Waterberg Coal project from Firestone’s black economic-empowerment partner Sekoko Resources, as well as to acquire 480-million shares in Firestone from Sekoko.
Firestone has fought against the proposed takeover by Range River since December last year, and has called the deal “inadequate and opportunistic”.
The South African coal miner struggled in recent weeks to conclude an investment agreement with Ariona Company and announced last week that its restated investment agreement with Ariona, BBY Nominees and Jaguar Funds Management had been terminated after negotiations to resolve a revised date for second-stage completion under the terms of the agreement had failed.
Range River’s acquisition of Ariona Company and securing the A$35-million in funding from Standard Bank had formed part of the various conditions standing in the way of the Firestone takeover.
The ASX-listed company, which planned to change its name to the Waterberg Coal Company, said it was preparing a third supplementary bidder’s statement to update its shareholders, as well as Firestone’s shareholders, on these matters.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation