TSX Venture: BUF
JSE: BUC
TORONTO, Oct. 2, 2017 /CNW/ - Buffalo Coal Corp. (TSXV:
BUF; JSE: BUC) ("Buffalo" or "the Company") announced today
that it had completed a shares for debt arrangement with one of its
creditors, STA Coal Mining Company Proprietary Limited
("STA").
The Company issued 4,294,203 common shares of the Company
("Common Shares") to STA, at a deemed issuance price of
$0.05 per Common Share, in settlement
of approximately $214,710 of contract
mining fees payable to STA by a subsidiary of the Company in
respect of the quarter ended June 30,
2017. The Common Shares were issued in accordance with the
terms and conditions of an equity settlement agreement dated
October 28, 2015 between the Company,
STA and certain other parties and are subject to a four month
resale restriction.
About Buffalo
Buffalo is a coal producer in southern Africa. It holds a majority interest in two
operating mines through its 100% interest in Buffalo Coal Dundee, a
South African company which has a 70% interest in Zinoju. Zinoju
holds a 100% interest in the Magdalena bituminous mine and the
Aviemore anthracite mine in South
Africa. Buffalo has an experienced coal-focused management
team.
Cautionary Notes:
This press release contains "forward-looking information" within
the meaning of applicable Canadian securities legislation.
Generally, forward-looking information can be identified by the use
of forward-looking terminology such as "plans", "expects" or "does
not expect", "is expected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that
certain actions, events or results "may", "could", "would", "might"
or "will be taken", "occur" or "be achieved".
Forward-looking information is subject to known and unknown risks,
uncertainties and other factors that may cause the actual results,
level of activity, performance or achievements of Buffalo to be
materially different from those expressed or implied by such
forward-looking information, including but not limited to: general
business, economic, competitive, foreign operations, political and
social uncertainties; a history of operating losses; delay or
failure to receive board or regulatory approvals; timing and
availability of external financing on acceptable terms; not
realizing on the potential benefits of the proposed transaction;
conclusions of economic evaluations; changes in project parameters
as plans continue to be refined; future prices of mineral products;
failure of plant, equipment or processes to operate as anticipated;
accidents, labour disputes and other risks of the mining industry;
and, delays in obtaining governmental approvals or required
financing or in the completion of activities. Although Buffalo has
attempted to identify important factors that could cause actual
results to differ materially from those contained in
forward-looking information, there may be other factors that cause
results not to be as anticipated, estimated or intended. There can
be no assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not
place undue reliance on forward-looking information. Buffalo does
not undertake to update any forward-looking information, except in
accordance with applicable securities laws.
Neither the Toronto Venture Exchange, nor its regulation
services provider (as that term is defined in the policies of the
exchange), accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Buffalo Coal Corp.