SeaEnergy (AIM: SEA) today announces that it has agreed a further extension to the terms of an existing loan facility until the earlier of 31 March 2011, or completion of the SeaEnergy Renewables Limited (“SERL”) sale process. The facility is provided by LC Capital Master Fund, Ltd (“LC”), a major shareholder in SeaEnergy and follows an announcement on 24 December 2010 that LC had agreed an extension to 31 January 2011.
At this time £700,000 of the current facility remains to be drawn by SeaEnergy. LC have also agreed to increase the size of the facility by £500,000 to £4.3 million
The Scottish Government has indicated that a Plan and Post Adoption Statement for the Scottish Territorial Waters Strategic Environmental Assessment (“SEA”) will be published before the end of March 2011. The SEA covers two of SERL’s offshore wind projects.
While the negotiations for the disposal of SERL are at an advanced stage, there can be no certainty that they will result in the disposal of SERL. Further announcements will be made in due course.
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Source: seaenergy-plc, February 03, 2011