Resgen, Noble reach agreement on security condition to financing facility
ASX- and JSE-listed Resource Generation (Resgen) and Noble Resources International have agreed that the security to be provided as part of a revised funding arrangement between Noble and Resgen subsidiary Ledjadja Coal, be a share pledge over ResGen’s 74% interest in Ledjadja, which is held by another Resgen subsidiary, Resgen Africa Holdings Limited (RAHL).
Resgen announced on September 13 that a conditional agreement had been reached with Noble to provide additional working capital through to March 31.
This would be by way of an amendment to the facility agreement originally entered into between Noble and Ledjadja Coal, which is the subsidiary through which Resgen holds its interest in the Boikarabelo coal mine project, in March 2014.
Resgen is the guarantor of Ledjadja's obligations under the facility agreement.
One of the conditions of the revised funding arrangement with Noble was that Resgen grant security for the obligations of itself and Ledjadja to Noble under the facility agreement.
In addition to the requirement to provide the share pledge, key terms of the amendments to the facility agreement that have been agreed with Noble include extending the current working capital facility – a component of the facility agreement – by an additional $4.7-million. The commitment under the facility agreement now totals $41.9-million.
Further, the first date for repayment of the facility has been amended from November 1 to June 30, 2019.
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