Xceed Resources' (ASX: XCD) substantial shareholder Maberley Holdings has increased its interest in the company to 8.66%.
Maberley Holdings now has 10 million Xceed shares after converting 5 million Class A performance shares to ordinary shares on a one for one basis.
Xceed has kicked off diamond drilling at the recently acquired Roodepoort thermal coal project, which straddles Universal Coal's (ASX: UNV) 82.8 million tonne Roodekop thermal coal project within a region that produces the majority of South Africa's coal.
Recent drilling by Xceed as part of due diligence on the project has confirmed the presence of near surface, high grade coal which will now become the focus of further drilling campaigns aimed at resource definition.
The area tested by the due diligence drilling is in the eastern half of the project area, adjacent to the Roodekop project, suggesting that there is a continuation of the same coal formations from the one project to the next.