Sefton Resources Inc Company Update and Issue of Equity (5770O)
May 29 2015 - 1:00AM
UK Regulatory
TIDMSER
RNS Number : 5770O
Sefton Resources Inc
29 May 2015
29 May 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Update on future board changes, possible acquisition of oil and
gas assets, potential litigation and exercise of warrants
Update on future board changes
The board of Sefton is pleased to provide an update on the
progress in regards to the recruitment of a new Chief Executive
Officer. Further to the announcement of 5 May 2015, the Company has
identified a preferred candidate with significant oil and gas
industry and quoted company experience. The Company is hopeful of
finalising terms for the new CEO's appointment shortly.
Negotiations are ongoing and a further announcement will be made
once a firm agreement is reached.
In the interim, Keith Morris, Tom Milne and Jossy Rachmantio
(Non-Executive Directors of Sefton) continue to work closely with
Raylene Whitford (Chief Financial Officer) on implementing the near
term goals of the Company.
Update on prospective acquisition of oil and gas assets
Further to the announcement released by Sefton on 5 May 2015,
the Company confirms that it continues to explore and undertake
primary due diligence regarding the prospective acquisition of oil
and gas assets in accordance with the strategy outlined in the
announcement of 2 February 2015. Once the appointment of the CEO is
finalised, the Company intends to execute the planned strategy for
the acquisition of future oil and gas assets which involves
finalising the agreements required to progress this matter
further.
Potential litigation
The Company has recently learned that a complaint was lodged on
14 May 2015 by Jim Ellerton (a former Executive Chairman of Sefton)
in the District Court of Denver, Colorado against Sefton, two of
its directors and a former director claiming unspecified damages in
connection with his resignation from the board, the termination of
the consulting contract pursuant to which he was providing services
and the completion of the transaction with Hawker Energy. At this
stage, Sefton has not been served with any court papers and a court
date has not been set to hear the claims, however the Company and
its Directors are actively seeking legal advice on the matter as
well as working with D&O insurers. The Company will provide
updates as the matter progresses.
It is anticipated that the CEO appointment will only be
finalised after a complete assessment of the potential impact of
these claims has been evaluated.
Exercise of Warrants
The Company has issued 24,409,091 new common shares of no par
value ("Common Shares") today following a final exercise request
from Cornhill Capital Limited ("Cornhill") of the 81,818,182
warrants to subscribe for Common Shares at a price of 0.1 pence per
share, exercisable for a period of three years to 24 February 2018,
as announced on 24 February 2015 (the "Warrants"). Cornhill now
hold no Warrants as they previously exercised 57,409,091 Warrants
at 0.1 pence per share as announced on 28 April 2015.
Following the exercise of the Warrants, the Company now has a
total of 2,871,381,534 Common Shares in issue. An application will
be made shortly for the 24,409,091 new Common Shares resulting from
the exercise of the Warrants to be admitted to trading on AIM with
effect from 4 June 2015.
Raylene Whitford, CFO, commented, "We continue to push forward
with identifying and recruiting key Board members, as well as
performing the essential technical, financial and legal due
diligence on the potential targets as was outlined in the Company's
strategic statement earlier this year. This process takes time and
needs to be thorough in order to deliver the highest levels of
value to shareholders. Furthermore, our present situation is very
dynamic, so I am grateful for the patience, confidence and support
of our longstanding shareholders."
Visit www.seftonresources.com or contact:
Raylene Whitford, Chief Financial Officer Tel: 020 7872 5570
-------------------------------------------- -------------------
Nick Harriss, Nick Athanas, Allenby Capital Tel: 020 3328 5656
(Nomad)
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Nick Bealer, Cornhill Capital (Broker) Tel: 020 7710 9612
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This information is provided by RNS
The company news service from the London Stock Exchange
END
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