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Xceed Resources Director Increases Shareholding On Market

Xceed Resources (ASX: XCD) finance director Stephen Belben has increased his stake in the company with the acquisition of 179,295 shares on the market.

He paid $18,825.98 for the shares, or an average of $0.105 per share.

Belben now holds 8,849,351 ordinary shares and 3.75 million Class B performance shares in the company.

Xceed had last month secured development finance from South Africa's largest financial institution - the Standard Bank of South Africa - for its Moabsvelden thermal coal project.

The total financing amount from Standard Bank is R179 million, and based on the current exchange rate of R9.2 to $1, this equates to A$19.5 million. The estimated project development cost for the Moabsvelden project is R268 million or A$29.1 million

Xceed has already secured an investment by Thebe Mining Resources, and along with the Standard Bank funds - provide for R244 million (91%) of the estimated Moabsvelden development costs leaving the balance of R24 million or A$2.6 million plus working capital to be secured from other sources.

Moabsvelden is expected to have a mine life in excess of 14 years with the potential to produce export quality as well as domestic quality thermal coal from an open-cast, low strip mine, and is located in the Witbank coal field.

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