Newspaper article from our research archive:
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Homeland Energy Group Sells Additional 5% Interest in Its South African Subsidiary for US$15 Million ; - GMR Group of Bangalore, India now holds 10% of Homeland South Africa for a total purchase price of US$30 million - GMR Group holds a final option to acquire an additional 40% of Homeland South Africa for total payments of US$155 million in 2008 - Homeland maintains strong cash and liquid asset position
- Article from:
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CCNMatthews Newswire
- Article date:
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May 6, 2008
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Copyright informationCopyright 2008 CCNMatthews Newswire. Provided by ProQuest LLC. (Hide copyright information)
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TORONTO, ONTARIO--(Marketwire - May 6, 2008) - Homeland Energy
Group Ltd. (TSX:HEG) ('Homeland' or 'the Company') has received its
second cash payment of US$15 million from GMR of Bangalore, India
for an additional 5% interest in Homeland Energy's South African
subsidiary, Homeland Mining and Energy SA Pty) Ltd (Homeland South
Africa). This second tranche brings GMR's ownership of Homeland
South Africa to 10%. This payment, when received, will raise
Homeland's cash and liquid assets to more than C$32 million.
Additionally, the Company holds 22,250,000 shares or 39% of Homeland
Uranium Inc. a private, uranium exploration and development company.
GMR Group maintains an option to acquire an ...
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