Strategic Natural Resources PLC Extension to loan facility (4271X)
January 10 2014 - 10:00AM
UK Regulatory
TIDMSNRP
RNS Number : 4271X
Strategic Natural Resources PLC
10 January 2014
Strategic Natural Resources Plc
("SNR" or the "Company")
Extension to loan facility
The Board of SNR, the AIM quoted natural resources developer
operating in South Africa, which owns 74% of Elitheni Coal (Pty)
Limited ("Elitheni"), is pleased to announce that it has entered
into a variation of facility agreement with Land Consultants
Limited ("LCL") to extend the term of the short term loan facility
(further details of which were announced by the Company on 29
October 2012) from 31 December 2013 to 30 June 2014. In return for
the extension of the term of the Facility, SNR has granted LCL
security over materially all of the assets of Acharnian Mining
Limited, SNR's wholly owned subsidiary, which owns the 74% interest
in Elitheni. SNR has agreed to pay LCL an additional GBP100,000 on
repayment of the Facility. All other terms under the Facility
remain unchanged.
Gabriel Ruhan, CEO of SNR, commented: "We are grateful to LCL
for their on-going support whilst the continue to work towards
securing long term funding with a strategic investor."
For further information, please contact:
Strategic Natural Resources plc
Andy Brennan, Chairman
Gabriel Ruhan, CEO +44 (0)20 3328 5656
Allenby Capital Limited - Nominated Adviser
and Broker
Nick Naylor/Mark Connelly/James Reeve +44 (0) 20 3328 5656
FTI Consulting
Ben Brewerton/Georgia Mann +44 (0) 20 7831 3113
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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