SNRP Strategic Nat.

TIDMSNRP

RNS Number : 8090G

Strategic Natural Resources PLC

12 May 2014

Strategic Natural Resources Plc

("SNR" or the "Company")

Update on discussions with London Commodity Brokers and the potential funding

Further to the announcement by the Company on 25 April 2014, the board of SNR, the AIM quoted natural resources developer operating in South Africa, which indirectly owns 74% of Elitheni Coal (Pty) Limited ("Elitheni"), announces that the Company continues to hold discussions with London Commodity Brokers ("LCB") regarding a settlement of amounts potentially owed to LCB. In light of these discussions both LCB and the Company have agreed to apply to adjourn the winding up hearing, which is taking place today, for one week.

The Company is still in advanced discussions with a potential investor and hopes to soon be in a position to finalise and announce the terms of a fundraising, to be effected through the issue of new ordinary shares of SNR. There can be no guarantees this proposed fundraising will be completed and in the event that the Company is unable to successfully raise funds then the board of SNR will have to take steps to protect the interests of the Company's creditors.

Further updates will be provided as and when appropriate.

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/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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