VANCOUVER, Sept. 11 /CNW/ - Energem Resources Inc. (Energem or the
"Company") is pleased to advise that, further to its press releases of August
6, and July 16, 2009, it 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 nearly been completed and that
the US$30 million is expected to be received on or before close of business on
Monday 14 September 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 advises also that its broker and nominated advisor ("NOMAD")
for the AIM Market of the London Stock Exchange, Canaccord Adams Limited, will
cease to act as the Company's broker and NOMAD with effect from 22 September
2009. The Company is in the process of appointing an alternative to take their
place, but cannot warrant that this will be completed by 22 September 2009.
The Company is in discussions with a replacement NOMAD 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,
if it has not been possible to appoint a new NOMAD by such time, trading in
the Company's shares may continue to be suspended or be re-suspended even if
the outstanding financial information is published. If, within one month of
that suspension, 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.
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