Investec’s Consent to Assignment of RCF Convertible Debt and Repayment of Various Investec Loan Facilities


Buffalo Coal Corp. (TSXV: BUF) notifies its shareholders that, as previously announced on June 15, 2022, Resource Capital Fund V LP (“RCF”) has sold the convertible debt (“the Loan”) of 27,000,000 USD (twenty-seven million dollars of the United States) to Belvedere Resources DMCC (“Belvedere”) for an amount of USD 2,000,000 (two million United States dollars) (“the Transaction”).

Pursuant to the terms of the Transaction, Belvedere was required to obtain written consent (“the consent“) of Investec Bank SA (“Investec“) no later than August 31, 2022 to assign the loan in favor of Belvedere. October 2022.

In accordance with the Company’s announcement dated July 5, 2022, Investec expected to repay all loan facilities no later than August 31, 2022 pursuant to the notice of change of control. The Company and Investec are in discussions to mutually finalize the date and amount of settlement of all amounts due and a further announcement will be made upon completion of discussions. In the meantime, previously announced outstanding agreements for monthly repayment of principal and interest remain in effect.

About Buffalo Coal

Buffalo is a coal producer in South Africa. It has a majority stake in two operating mines through its 100% stake in Buffalo Coal Dundee Proprietary Limited, a South African company that holds a 70% stake in Zinoju Coal Proprietary Limited (“ZinojuZinoju owns a 100% interest in the Magdalena bitumen mine, the Aviemore East anthracite mine and the Balgray and North Adit anthracite projects in South Africa. Buffalo Coal has a board of directors and of an experienced and coal-focused management team.

The Company has its primary listing on the TSX Venture Exchange and a secondary listing on the Alternative Exchange, operated by JSE Limited.

Forward-looking statements

This press release may contain forward-looking information within the meaning of applicable securities laws, 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 materially. of those disclosed or implied by such forward-looking information. The Company undertakes no obligation to update such forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.


Mrs. Emma Oosthuizen
Chief executive officer

Registration office:
Greytown Road
Industrial Estate, Dundee
KwaZulu Natal, 3000

September 1, 2022

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