24 Jul 2015 12:30
24 July 2015
Sefton Resources, Inc.
("Sefton" or the "Company")
Update on litigation
The Company has previously announced that James Ellerton (Sefton's former Executive Chairman) initiated legal proceedings in the State of Colorado against the Company in May 2015 (the "Ellerton Action").
The Company announced on 10 July 2015 that Mr. Ellerton had filed an Involuntary Petition under Chapter 7 of the US Bankruptcy Code (the "Petition") in the US Bankruptcy Court for the District of Colorado in an attempt to force the Company into bankruptcy proceedings. The Company has been informed today that Mr Ellerton's attorney filed the certificate of service for the Petition with the US Bankruptcy Court for the District of Colorado on 21 July 2015.
The Company maintains a firm position that Mr. Ellerton has filed the Petition in bad faith, and that the Petition is invalid under the US Bankruptcy Code (the "Code"), a view supported by the Company's US legal counsel. The Company has today filed to dismiss the Petition, and will seek all available remedies under the Code, including attorneys' fees, costs, and compensatory or punitive damages.
Further announcements will be made as appropriate.
Visit www.seftonresources.com or contact:
Raylene Whitford, Chief Financial Officer | Tel: 020 7872 5570
|
Nick Harriss, Nick Athanas, Allenby Capital (Nomad)
| Tel: 020 3328 5656 |
Nick Bealer, Cornhill Capital (Broker)
| Tel: 020 7710 9612 |
Ben Romney, Buchanan (PR)
| Tel: 020 7466 5132 |