ENM Energem

 

TIDMENM 
 
RNS Number : 8106N 
Energem Resources Inc. 
24 February 2009 
 

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|                    TSX/AIM: ENM      For immediate release                      | 
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ENERGEM RESOURCES INC. 
 
 
GBP1.5 Million Loan 
 
 
 
 
London, - February 24, 2009 - Energem Resources Inc. (the "Company" or 
"Energem") announces  that on 24th February 2009 pursuant to a loan agreement 
(the "Loan Agreement") dated 18 February 2009 between the Company and RAB 
Special Situations (Master) Fund Limited ("RAB"), RAB advanced a loan (the 
"Loan") of GBP1.5 million to the Company. The proceeds of the Loan will be used 
by Energem, in Energem's capacity as logistics provider to A1, to settle the 
indebtedness of A1 Holdings Limited ("A1") to a third party (Delivery On Time 
Limited), a company which ships A1 Grand Prix cars to race venues.  As 
previously disclosed in the Company's admission document, Energem provides 
on-going logistics and other services at cost plus a percentage profit fee to A1 
a company in which Tony Texeira, a director of the Company, is interested. 
 
 
The Loan bears interest at a rate of 12 per cent. per annum and has a term of 12 
months but is repayable earlier upon anticipated new investment into A1 . In 
return for the services rendered to A1 in connection with the Loan and 
subsequent on-lending of the monies to A1, Energem will charge A1 its standard 
rate of 10 per cent. under their related party arrangements.  A1 will also 
reimburse Energem for all interest and other charges, as well as the principal 
sum of the Loan. 
 
 
As RAB owns approximately 17 per cent. of the issued share capital of the 
Company, it is considered a related party for the purposes of the AIM Rules for 
Companies.  Accordingly, the directors consider, having consulted with the 
Company's Nominated Adviser, Canaccord Adams Limited, that the terms of the Loan 
are fair and reasonable insofar as Energem's shareholders are concerned. 
 
 
For further information, please contact: 
 
 
Energem - Rob Rainey in Johannesburg at telephone +27 11 372?3300; Fax +27 11 
454?1673 or email: info@energem.com; Refer to our website:  www.energem.com 
Canaccord Adams Limited - Robert Finlay/Andrew Chubb +44 207 050 6500 
Smithfield - Reg Hoare/Will Henderson +44 207 360 4900 
 
 
This news release contains forward-looking statements which address future 
events and conditions which are subject to various risks and uncertainties. The 
actual results could differ materially from those anticipated in such 
forward-looking statements as a result of numerous factors, some of which may be 
beyond the Company's control. These factors include: the availability of funds; 
the costs and availability of product; fluctuations in fuel product sale prices; 
currency fluctuations; changes in production costs; fluctuation in shipping 
costs; availability of shipping; general market and industry conditions; 
political and regulatory instability and risks associated with rights to title 
and ownership of assets. 
Forward-looking statements are based on the expectations and opinions of the 
Company's management on the date the statements are made. The assumptions used 
in the preparation of such statements, although considered reasonable at the 
time of preparation, may prove to be imprecise and, as such, undue reliance 
should not be placed on forward-looking statements. 
 
 
Energem Resources Inc (TSX/AIM:ENM). is an Africa focussed company listed on the 
Toronto Stock Exchange and on the London Stock Exchange's AIM market and the 
holding company of a group of companies engaged in, mainly, several African 
countries in the bio-fuels, oil and related sectors including logistics and 
supply to the mining industry in South and Central Africa and development of an 
up-stream oil exploration asset. The Company has offices and/or logistics and 
support infrastructure in Johannesburg, London and a number of African 
countries. 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 AGRILFSSFRISFIA 
 

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