Related Party Debt Update


 

TIDMENM 
 
RNS Number : 4171Z 
Energem Resources Inc. 
22 September 2009 
 

 
 
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|                  AIM: ENM      For release 7:00am 22 September 2009                    | 
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ENERGEM RESOURCES INC 
("Energem" or the "Company") 
 
 
 
 
RELATED PARTY DEBT UPDATE 
 
 
VANCOUVER, 07:00 a.m. BST September 22, 2009 - Further to the announcements of 
September 11, August 6, and July 16, 2009,  the Company has been advised that 
all of the conditions to the receipt of funds of US$30 million in part 
settlement of the US$54 million debt due to it by certain related party 
debtors have now been satisfied and that the US$30 million is now expected to be 
received on or before close of business on Wednesday September 23, 2009. 
 
 
The Company anticipates being in receipt of the balance of funds owing within 10 
days thereafter.  Subject to receipt of the second tranche of funds, it is 
expected that the Company will soon thereafter be in a position to file its 
outstanding annual and interim financial statements and related documents. 
 
 
The Company also advises that, as announced on September 11, 2009, its broker 
and nominated advisor ("NOMAD") for the AIM Market of the London Stock Exchange, 
Canaccord Adams Limited, has ceased to act as the Company's broker and NOMAD 
with effect from today. The Company is in the process of appointing an 
alternative to take their place and the process of due diligence is underway. 
 In accordance with AIM regulations, companies without a retained NOMAD are 
subject to automatic suspension from trading. Accordingly, trading in the 
Company's shares will continue to be suspended even if the outstanding financial 
information is published.  If, within one month of today's suspension (i.e. on 
or before 22 October 2009), the Company fails to appoint a replacement NOMAD, 
the admission of its AIM securities will be cancelled. 
 
 
Cautionary Note Regarding Forward-Looking Information 
 
 
This news release contains forward-looking statements and information.  Such 
forward?looking statements and information include, but are not limited to, 
statements regarding Energem's ability to recover the Related Party Debt and the 
timing of completion of the audit on its financial statements for the 2008 
fiscal year.  The Company does not intend to, and does not assume any obligation 
to, update such forward-looking statements or information, other than as 
required by applicable law. 
 
 
Forward-looking statements or information involve known and unknown risks, 
uncertainties and other factors that may cause the actual results, level of 
activity, performance or achievements of Energem and its operations to be 
materially different from those expressed or implied by such statements.  Such 
factors include, among others, those that are not within the control of Energem, 
such as the ability of the Related Parties to secure required financing and to 
satisfy the funding conditions of their lenders, assumptions that such 
financing, once obtained, will be used by the Related Parties to repay amounts 
owing to Energem, and assumptions that the audit will be successfully concluded 
once the Related Party Debt is repaid.  Although the Company has attempted to 
identify important factors that could cause actual results to differ materially 
from those contained in forward-looking statements or information, there may be 
other factors that cause results to be materially different from those 
anticipated, described, estimated, assessed or intended.  There can be no 
assurance that any forward?looking statements or information will prove to be 
accurate as actual results and future events could differ materially from those 
anticipated in such statements or information.  Accordingly, readers should not 
place undue reliance on forward-looking statements or information. 
 
 
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; 
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| Refer to our website:        |                  | 
| www.energem.com              |                  | 
|                              |                  | 
+------------------------------+------------------+ 
| Canaccord Adams Limited      |                  | 
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| Robert Finlay/Andrew Chubb   | +44 207 050 6500 | 
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|                              |                  | 
+------------------------------+------------------+ 
| Smithfield                   |                  | 
+------------------------------+------------------+ 
| Reg Hoare/Will Henderson     | +44 207 360 4900 | 
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This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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