10 Jan 2014 16:00
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 £100,000 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 |
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Andy Brennan, Chairman Gabriel Ruhan, CEO | +44 (0)20 3328 5656 |
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Allenby Capital Limited - Nominated Adviser and Broker |
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Nick Naylor/Mark Connelly/James Reeve | +44 (0) 20 3328 5656 |
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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