Additional Funding
17 Novembre 2010 - 11:19AM
UK Regulatory
TIDMWBN
RNS Number : 3351W
Woburn Energy PLC
17 November 2010
+-------------------------------+-------------------------------+
| For immediate release | 17 November 2010 |
+-------------------------------+-------------------------------+
Woburn Energy Plc
("Woburn Energy" or the "Company")
Additional Funding
Woburn Energy announces that Cetus Investment Resources Inc ("Cetus Investment")
has today provided the Company with additional funding of GBP650,000. The new
funding has been provided by Cetus Investment as an unsecured loan and is not
interest bearing. The loan shall become repayable on demand by Cetus Investment
on or after 30 June 2011. The funds will be used for the Company's general
working capital purposes and to finance any due diligence and professional costs
on any potential new projects which the Company may continue to review.
Cetus Investment holds 200,000,000 Ordinary Shares representing 86.147 per cent.
of the Ordinary Shares. Pursuant to the AIM Rules, the funding to be provided by
Cetus Investment is a related party transaction. Hasan Ali Hashwani and Rustom
Kanga, directors of the Company, are directors of Cetus Investment. Arif Kemal
and Kamran Ahmed, directors of the Company, are representatives of Cetus
Investment.
Accordingly, the independent directors of the Company comprising Dr John Cubitt
and Tony Baldry (the "Independent Directors") consider, having consulted with
the Company's Nominated Adviser, that the terms of the funding are fair and
reasonable insofar as the Company's shareholders are concerned. The Independent
Directors have particularly noted that the funding is non-interest bearing and
unsecured, and will enable the Company to progress its evaluation of potential
development opportunities.
For further information, please contact:
+----------------------------------------+------------------------+
| Woburn Energy Plc | Tel: +44 (0)20 7380 |
| | 4609 |
+----------------------------------------+------------------------+
| Dr John Cubitt, Managing Director | www.woburnenergy.com |
+----------------------------------------+------------------------+
| Beaumont Cornish Limited (Nominated | Tel: +44 (0)20 7628 |
| Adviser) | 3396 |
+----------------------------------------+------------------------+
| Michael Cornish | |
+----------------------------------------+------------------------+
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
END
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