News and Press Releases

Update on Proposed Refinancing

2 October 2014

 

Further to the announcement of July 16, 2014 (the "Announcement"), and subsequent updates, the Board can provide the following update in respect of the forbearance agreement with the Bank. The required $120,000 forbearance payment of principal due 30 September 2014 was made on 30 September 2014, utilising funds provided by Hawker under the terms of the Subordinated Loan. A further $26,000 to cover interest and fees will be made by Hawker within one week, a delay to which the Bank has verbally agreed.

Hawker and the Company are continuing negotiations for financing to replace the Bank and complete the Tapia joint venture transaction. A definitive closing date has not yet been determined.

Visit www.seftonresources.com or contact:

Keith Morris, Director   Tel: 0207 448 5111
Nick Harriss, Nick Athanas, Allenby Capital (Nomad) Tel: 0203 328 5656
Neil Badger, Dowgate Capital Stockbrokers (Broker) Tel: 01293 517744