Strategic Natural Resources PLC Update re fundraising and creditors (5330B)
05 3월 2014 - 4:01PM
UK Regulatory
TIDMSNRP
RNS Number : 5330B
Strategic Natural Resources PLC
05 March 2014
Strategic Natural Resources Plc
("SNR" or the "Company")
Update re fundraising and creditors
SNR, the AIM quoted natural resources developer operating in
South Africa, which owns 74 per cent. of Elitheni Coal (Pty)
Limited ("Elitheni"), announces that the SNR board is in continuing
talks with a potential strategic investor with a view to raising
sufficient funds required to commence recapitalisation of the
Company. The SNR board is currently evaluating a revised financing
proposal involving the strategic investor referred to in the
Company's announcement of 28(th) January 2014. The SNR board is
also seeking proper evidence of funding from this investor which,
if such evidence is forthcoming and the revised financing proposal
is agreed, should allow receipt of funds over the course of this
month. Should such evidence not be forthcoming and the revised
financing proposal not be agreed, the SNR board is in discussions
with alternative providers of finance, albeit such discussions are
at a more preliminary stage.
There can however be no guarantee that these discussions will
result in additional funding for the Company. Were the Company to
be unsuccessful in securing any additional investment, the board of
SNR will need to consider the Company's options for protecting the
interests of creditors.
Whilst the majority of creditors have remained broadly
supportive, the Company continues to receive pressure from certain
of its and Elitheni's creditors. Elitheni has advised the SNR board
that their rolling stock container provider, Thelo Rolling Stock
Leasing (Pty) Limited ("Thelo") has commenced legal proceedings to
repossess the containers that Elitheni currently rents from Thelo.
Dialogue continues between Elitheni and Thelo and the SNR board
remains hopeful that an appropriate commercial solution to this
issue can be achieved.
Discussions are underway with the Company's principal lender,
Land Consultants Limited ("LCL") concerning the potential deferral
of the repayment of its loan (currently due on 30 June 2014) for a
further six months and the possible conversion of interest due to
LCL into new ordinary shares in SNR (subject to, inter alia,
regulatory requirements).
Gabriel Ruhan, CEO of SNR said: "Whilst no guarantees can be
given, we remain optimistic that a viable funding solution for SNR
and Elitheni can be secured in the near term. The last six months
have been challenging but we are grateful for the support that many
of our creditors have shown us and we continue to work hard to put
SNR back on a sound financial footing."
For further information, please contact:
Strategic Natural Resources plc
Andy Brennan, Chairman
Gabriel Ruhan, CEO +44 (0)20 3328 5656
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Allenby Capital Limited - Nominated Adviser and Broker
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Nick Naylor/Mark Connelly/James Reeve +44 (0) 20 3328 5656
---------------------
For further information about Strategic Natural Resources plc
please visit www.snrplc.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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