Sefton Announces That They Have Received New Financing from an Affiliate Fund of Magna Group, LLC
The Board of Directors of Sefton announce that they have today received new financing from Hanover Holdings I, LLC, an affiliate fund of Magna Group, LLC (“Magna”), a US based investment fund (the “Loan Note”).
In addition, Magna has subscribed for 2,174,688 new Common Shares at US$0.0046 per Common Share for a total subscription amount of US$10,000 (the “Subscription”). An application will be made to AIM to admit the new Common Shares to trading with effect from 13 January 2014. The Subscription and the Loan Note form a combined financing package, with the pricing of the Subscription being calculated on the same basis as a conversion on the Loan Note.
Bank of the West (the “Bank”) has given formal notice to the Company that its current facility will not be renewed in its current form and that the outstanding loan balance of US$4.7million is due and payable in full. The Company is in constructive discussions with the Bank concerning alternative arrangements with providers of finance. Several providers of finance have expressed an interest in providing some or all of the required finance. The directors are actively perusing an alternate refinancing packages and hope to update shareholders shortly.