Homeland Energy Group Announces Second Advance on Credit Facility with ICICI Bank
07.01.2012 | Marketwire
TORONTO, 01/06/12 - Homeland Energy Group Ltd. (TSX: HEG) ('Homeland' or the 'Company') wishes to announce that further to its press release dated July 4, 2011, the Company has received a second draw down of US$10 million under its US$30 million credit facility with ICICI Bank. The Company had initially drawn down US$10 million on June 30, 2011. Under the amended terms, the facility will bear interest at the rate of the 3 month US$ LIBOR + 4.5%. All other terms of the facility remain the same. The funds from this second draw will be used for working capital purposes.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. Homeland will continue to seek out interests in additional coal projects in South Africa and neighbouring countries as well as internationally. Homeland is a shareholder in Homeland Uranium Inc., a Canadian uranium exploration company focused on projects in Niger and the United States. Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange under the symbol 'HEG' with 471,204,149 common shares issued and outstanding. www.homelandenergygroup.com.
Contacts:
Homeland Energy Group Ltd.
Ashis Basu, Interim Chief Executive Officer
+1 416 506-1979
info@homelandenergygroup.com
www.homelandenergygroup.com