Re Loan Agreement
24 2월 2009 - 11:47PM
UK Regulatory
TIDMENM
RNS Number : 8106N
Energem Resources Inc.
24 February 2009
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| TSX/AIM: ENM For immediate release |
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ENERGEM RESOURCES INC.
GBP1.5 Million Loan
London, - February 24, 2009 - Energem Resources Inc. (the "Company" or
"Energem") announces that on 24th February 2009 pursuant to a loan agreement
(the "Loan Agreement") dated 18 February 2009 between the Company and RAB
Special Situations (Master) Fund Limited ("RAB"), RAB advanced a loan (the
"Loan") of GBP1.5 million to the Company. The proceeds of the Loan will be used
by Energem, in Energem's capacity as logistics provider to A1, to settle the
indebtedness of A1 Holdings Limited ("A1") to a third party (Delivery On Time
Limited), a company which ships A1 Grand Prix cars to race venues. As
previously disclosed in the Company's admission document, Energem provides
on-going logistics and other services at cost plus a percentage profit fee to A1
a company in which Tony Texeira, a director of the Company, is interested.
The Loan bears interest at a rate of 12 per cent. per annum and has a term of 12
months but is repayable earlier upon anticipated new investment into A1 . In
return for the services rendered to A1 in connection with the Loan and
subsequent on-lending of the monies to A1, Energem will charge A1 its standard
rate of 10 per cent. under their related party arrangements. A1 will also
reimburse Energem for all interest and other charges, as well as the principal
sum of the Loan.
As RAB owns approximately 17 per cent. of the issued share capital of the
Company, it is considered a related party for the purposes of the AIM Rules for
Companies. Accordingly, the directors consider, having consulted with the
Company's Nominated Adviser, Canaccord Adams Limited, that the terms of the Loan
are fair and reasonable insofar as Energem's shareholders are concerned.
For further information, please contact:
Energem - Rob Rainey in Johannesburg at telephone +27 11 372?3300; Fax +27 11
454?1673 or email: info@energem.com; Refer to our website: www.energem.com
Canaccord Adams Limited - Robert Finlay/Andrew Chubb +44 207 050 6500
Smithfield - Reg Hoare/Will Henderson +44 207 360 4900
This news release contains forward-looking statements which address future
events and conditions which are subject to various risks and uncertainties. The
actual results could differ materially from those anticipated in such
forward-looking statements as a result of numerous factors, some of which may be
beyond the Company's control. These factors include: the availability of funds;
the costs and availability of product; fluctuations in fuel product sale prices;
currency fluctuations; changes in production costs; fluctuation in shipping
costs; availability of shipping; general market and industry conditions;
political and regulatory instability and risks associated with rights to title
and ownership of assets.
Forward-looking statements are based on the expectations and opinions of the
Company's management on the date the statements are made. The assumptions used
in the preparation of such statements, although considered reasonable at the
time of preparation, may prove to be imprecise and, as such, undue reliance
should not be placed on forward-looking statements.
Energem Resources Inc (TSX/AIM:ENM). is an Africa focussed company listed on the
Toronto Stock Exchange and on the London Stock Exchange's AIM market and the
holding company of a group of companies engaged in, mainly, several African
countries in the bio-fuels, oil and related sectors including logistics and
supply to the mining industry in South and Central Africa and development of an
up-stream oil exploration asset. The Company has offices and/or logistics and
support infrastructure in Johannesburg, London and a number of African
countries.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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