ENM Energem

 

TIDMENM 
 
RNS Number : 8837F 
Energem Resources Inc. 
20 January 2010 
 

20 January 2010 
 
 
Energem Resources Inc 
("Energem" or the "Company") 
 
 
Related Party Debt Update and Delisting 
 
 
Further to the announcements of July 16, August 6, September 11, September 
22, October 22, December 9, December 31, 2009 and January 8, 2010, the Company 
announces that the funds due to it by certain related party debtors, amounting 
to approximately US$63.5 million in total (being the principal amount of US$54.0 
million, due on December 31, 2008, plus further charges and accrued interest of 
US$9.5 million to date) (the "Funds") have still not been paid. 
 
 
Whilst the Company is still confident that it will receive the Funds in full, it 
is currently not in a position to finalise the Company's audited annual 
financial statements, for the year ended 31 December 2008, and the Company's 
unaudited interim financial statements, for the six months ended 30 June 2009, 
and related documents (together "the Accounts"). 
 
 
As a result of the Company's AIM securities having been suspended for a period 
of six months, the Company's common shares will be mandatorily delisted from 
trading on AIM with effect from 7.00 a.m. tomorrow, January 21, 2010, pursuant 
to Rule 41 of the AIM Rules. 
 
 
The board of Energem (the "Board") is very disappointed with this outcome and 
would like to apologise to shareholders for the inconvenience this will 
undoubtedly cause to them. The Board would like to assure shareholders that it 
undertook all reasonable actions to prevent the Company from being delisted from 
AIM and that it will continue to seek the payment of the Funds, in full, on as 
expeditious a timetable as possible. 
 
 
The Board would also like to confirm that it is the Company's current intention, 
that once the Funds have been received in full, the Board will actively seek 
admission to a stock market such as AIM, TSX-V or such other market as the Board 
believes will provide the Company, inter alia, with access to equity raising 
capabilities, an enhanced public profile and a reasonable level of liquidity. 
 
 
The Company will provide a further update via RNS Reach in due course. 
 
 
For further information contact: 
 
 
+--------------------------------------+---------------------------------------+ 
| Energem Resources Inc                |                 Tel: +44 20 7201 9620 | 
| Rob Rainey                           |                                       | 
|                                      |                                       | 
+--------------------------------------+---------------------------------------+ 
| Strand Hanson Limited                |                 Tel: +44 20 7409 3494 | 
| Stuart Faulkner / Richard Tulloch    |                                       | 
|                                      |                                       | 
+--------------------------------------+---------------------------------------+ 
| Smithfield                           |                 Tel: +44 20 7360 4900 | 
| Reg Hoare / Will Henderson           |                                       | 
+--------------------------------------+---------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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