VANCOUVER, Sept. 22 /CNW/ - 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.
SOURCE ENERGEM RESOURCES INC.
For further information: For further information: Energem - Rob Rainey in Johannesburg at telephone +27 11 372 3300, Fax +27 11 454 1673 or email: email@example.com, Refer to our website: www.energem.com; Canaccord Adams Limited, Robert Finlay, Andrew Chubb, +44 207 050 6500; Smithfield, Reg Hoare, Will Henderson, +44 207 360 4900