Last checked at 7 Dec 2009 07:00
Watermark Global PLC ("Watermark" or the "Company")
Co-operation Agreement with the Industrial Development Corporation (IDC) in South Africa
Watermark, the AIM quoted Company which focuses on the treatment of Acid Mine Drainage (AMD) in South Africa, is pleased to announce that it has signed a co-operation agreement with the Industrial Development Corporation (IDC) of South Africa Limited for its AMD Project.
The agreement secures Western Utilities Corporation (Pty) Ltd (WUC), a wholly owned subsidiary of Watermark, an additional R5m for the completion of the Environmental Impact Assessment (EIA), the off-take agreements and additional engineering work, as and when required, from the IDC. The IDC will also provide support to the management of WUC in securing the off-take agreements and approval of the regulatory requirements. The agreement also gives the IDC the right to fund up to 10% of the project, on commercial terms to be agreed at the time.
The IDC's mandate includes operations in South Africa and the rest of the African continent. They operate in a broad spectrum of industries and with their specialised knowledge and experience, are able to offer valid and appropriate financial assistance to a wide variety of projects and companies.
The provision of this additional funding is a further confirmation of the viability and importance of the AMD project and Watermark welcomes the IDC on board. Should the IDC decide not to continue with the project upon completion of the final components of the project, namely the EIA, the off-take agreement and final scale-up testing, the funding will be written off.
Jaco Schoeman, Managing Director of Watermark, commented:
"With the two major Government funding institutions, the Development Bank of South Africa (DBSA) and the IDC on board, the Board is confident that it has taken significant steps forward in securing the final components necessary for the project's development and implementation."
Enquiries:
| Watermark Global | |||
| Dirk Kotze, Chief Financial Officer | Tel: + 44(0) 20 7233 1462 | ||
| dkotze@watermarkglobalplc.com | |||
| Charles Zorab, Investor Relations | Tel: + 44(0) 20 7233 1462 | ||
| czorab@watermarkglobalplc.com | |||
| Nominated Adviser | |||
| Cenkos Securities | |||
| Ian Soanes/Elizabeth Bowman | Tel: +44(0) 20 7397 8900 | ||
| Financial PR | |||
| Bishopsgate Communications | |||
| Robyn Samuelson/Giang Nguyen | Tel: +44(0) 207562 3350 |
watermark@bishopsgatecommunications.com
Copyright Business Wire 2009