Homeland Energy Group Ltd. (TSX: HEG) has finalized the loan arrangement with GRM Energy Limited. Under the loan arrangement GMR has advanced Cdn$4,996,928 to Homeland. Homeland plans to use this funding for general corporate purposes at its Kendal operation in South Africa. The loan will bear interest at LIBOR plus 600 basis points.
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The loan from GMR is being secured by a pledge of various noncore assets and a secondary position with respect to certain assets related to the Kendal Colliery that are subject to a first priority pledge to Nedbank Limited.
Homeland Energy Group Ltd. (TSX:HEG) is a coal producer with operations in the Witbank area of South Africa. The company also has a large-scale development property in South Africa and exploration interests in Southern Africa.
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