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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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  • Xceed Resources Director Increases Shareholding On Market 0 comments
    Apr 9, 2013 2:23 AM

    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.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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