Buffalo Coal: Grant of Stock Options

Toronto, Ontario--(Newsfile Corp. - May 25, 2021) - Buffalo Coal Corp. (TSXV: BUF) announces the grant of an aggregate of 9,250,000 stock options to certain of its directors, officers and key management members. Each stock option allows the holder thereof to acquire one common share of the Company at a price of C$0.02 per share and is exercisable for a period of four (4) years from the date of the grant. 8,350,000 of the stock options granted will be exercisable following satisfactory attainment of certain key milestones and 900,000 stock options will vest in annual tranches of 1/3 each commencing on May 24, 2022. These stock option grants are governed by the Company's stock option plan. "We are pleased to acknowledge the efforts of several members of our company through the granting of these stock options", said Emma Oosthuizen, Chief Executive Officer of the Company. "We have also designed the vesting of a significant component of these stock options to be dependent on the achievement of key milestones in an effort to ensure that stock option grants foster value creation for Buffalo's stakeholders", added Ms. Oosthuizen.

About Buffalo

Buffalo is a coal producer in South Africa. It holds a majority interest in two operating mines through its 100% interest in Buffalo Coal Dundee, a South African company which has a 70% interest in Zinoju. Zinoju holds a 100% interest in the Magdalena bituminous mine and the Aviemore anthracite mine in South Africa. Buffalo Coal has an experienced coal-focused management team.

The Company has its primary listing on the TSX Venture Exchange and has a secondary listing on the Alternative Exchange, operated by the JSE Limited.

Neither the Toronto Venture Exchange, nor its regulation services provider (as that term is defined in the policies of the exchange), accepts responsibility for the adequacy or accuracy of this release.

FOR FURTHER INFORMATION PLEASE CONTACT:

Emma Oosthuizen
Chief Executive Officer
Email: Emma.Oosthuizen@buffalocoal.co.za

Registered office:

Greytown Road, Industrial Area
Dundee
Kwazulu-Natal
3000

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/85126