Repayment Terms of Existing Loan Facility Extended (UK)

SeaEnergy (AIM: SEA) today announces that it has agreed a further extension to the terms of an existing loan facility until the earlier of 30 April 2011, or execution of an agreement for the sale of SeaEnergy Renewables Limited (“SERL”).

The facility is provided by LC Capital Master Fund, Ltd (“LC”), a major shareholder in SeaEnergy and follows an announcement on 31 January 2011 that LC had agreed an extension to 31 March 2011. At this time £490,000 remains to be drawn of the £4.3 million facility provided by LC.

While there can be no certainty that the current negotiations will result in a sale of SERL these negotiations are now at an advanced stage. The facility extension reflects the transaction timetable and follows SERL’s success in the recently published Scottish Strategic Environmental Assessment, which was an important milestone for the transaction.

Further announcements will be made in due course.



Source: seaenergy-plc, April 06, 2011