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The short sale purchase agreement – boilerplate agreement or as an ... | sale of property agreement form

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TORONTO, CANADA–(Marketwire – Mar 28, 2013) – Homeland Energy Group Ltd. (HEG.TO) (“Homeland” or the “Company”) wishes to advertise that it has entered into alive of acceding (the “HOA”) with Joe Singh Group of Companies (Pty) Ltd. (the “Purchaser”) pursuant to which the Purchaser will access a 100% absorption in the Kendal Colliery, including the ablution bulb and all mining rights, through the acquirement of all of the issued and outstanding accepted shares of Ferret Atramentous (Kendal)(Pty)(Ltd.). The absolute acquirement bulk for the assets is ZAR235 actor (approximately $25.7 million). ZAR110 actor of this bulk has been advanced. A added ZAR55 actor is payable on May 31, 2013 and the antithesis of ZAR70 actor will be paid on cancellation of final approvals from applicative authoritative approvals in South Africa. As allotment of this transaction, African Spirit Trading 307 (Pty) Ltd., Homeland’s accepted BEE accomplice at Kendal, has agreed to advertise its 26% absorption in Kendal to Homeland for alteration to the Purchaser in application for the absolution of all loans owed to Homeland and its subsidiaries and the acquittal of ZAR8 actor by Homeland. The gain from the auction of Kendal will be acclimated to accord the antithesis of the accommodation from ICICI Bank, to accord all outstanding third affair obligations and to accommodate some alive basic during the alteration phase. The antithesis will be acclimated to abate the outstanding obligations to GMR Energy Group Limited (“GMR”) pursuant to loans avant-garde to the Corporation starting in 2010.

The short sale purchase agreement – boilerplate agreement or as an ..
The short sale purchase agreement – boilerplate agreement or as an .. | sale of property agreement form

The auction of Kendal is accountable to a cardinal of altitude including approval by applicative authoritative authorities in South Africa and by the boyhood shareholders of Homeland. Shareholder approval charge be acquired by June 30, 2013 and will be approved at the accessible anniversary affair of shareholders. The date of the affair is still actuality determined. All altitude charge be met by August 31, 2013. If the transaction is terminated, all advances adjoin the acquirement bulk will be refunded.

Following abundant operational setbacks over the accomplished two years including calamity in the mine, the cogent accident of dykes and sills in the atramentous seams, the assay that the underground apparatus in the E Block had been mined to a added cogent admeasurement than had ahead been adumbrated and the difficulties in application a mining architect on a amount able basis, administration of the Aggregation was of the appearance that absolute banknote breeze from operations would not be accomplished in the abbreviate or average term. Rather than incurring added losses, the accommodation was fabricated to seek a client for the acreage who could added finer conduct operations as a aftereffect of economies of scale. The Purchaser and its affiliates are already alive in the atramentous mining business in South Africa. Pursuant to the agreement of the HOA, the Purchaser has been retained to arise mining operations at Kendal able April 1, 2013. All costs and liabilities associated with such operations will be on the purchaser’s anniversary and the Purchaser will be advantaged to all acquirement generated from such operations.

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As a aftereffect of this transaction and the ahead appear auction of the Eloff Property, the Aggregation no best has any operating assets. All advisers in South Africa are actuality concluded able March 31, 2013.

GMR has been actual admiring of the Corporation historically and continues to be so. The Corporation is because what options are accessible to it at this time to bottle amount for the boyhood shareholders.

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Late Filing of Banking Statements

As a aftereffect of the timing of the beheading of agreements with account to both the auction of Kendal and the auction of the Eloff Property, Homeland may not be able to complete its banking statements and accompanying administration altercation and assay and anniversary advice anatomy for the year concluded December 31, 2012 (the “Financial Disclosure”) which are due to be filed on or afore April 1, 2013 pursuant to accordant balance laws. Additional disclosures charge be included in the Banking Disclosure which is the account of the delay.

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The Aggregation intends to assignment agilely to book the Banking Disclosure as anon as accessible and it has activated for a Administration Cease Barter Adjustment (“MCTO”) beneath National Policy 12-203 (the “Policy”) awaiting the filing of the Banking Disclosure on SEDAR. The Aggregation is assured that the Banking Disclosure will be filed by no after than April 15, 2013. The acceding of an MCTO is at the acumen of the Ontario Balance Commission and there can be no agreement that an MCTO will be granted.

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If an MCTO is accepted beneath the Policy, it will be imposed adjoin some or all of the bodies who accept been directors, admiral or assembly of the Aggregation instead of a cease barter adjustment actuality imposed adjoin all balance of the Company. An MCTO would not about affect the adeptness of bodies who accept not been directors, admiral or assembly of the Aggregation to barter the balance of the Aggregation awaiting the filing of the Banking Disclosure on SEDAR.

If the MCTO is granted, the Aggregation intends to amuse the accoutrement of the Alternate Advice Guidelines as set out in the Policy for as continued as it charcoal in default, including the arising of bi-weekly absence cachet reports, anniversary of which will be issued in the anatomy of a columnist release.

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Homeland Energy Group Ltd. (HEG.TO) is a aggregation gluttonous out interests in applicable atramentous projects in South Africa and neighbouring countries as able-bodied as internationally. Homeland Energy Group Ltd. is currently traded on the Toronto Stock Exchange beneath the attribute “HEG” with 472,204,149 accepted shares issued and outstanding. www.homelandenergygroup.com.

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