Sefton Resources (LSE:SER)
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RNS Number : 8260R

Sefton Resources Inc

01 July 2015

1 July 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

Issue of Equity

In accordance with the announcement of 24 February 2015, Mr Clement Chambers, a former director of the Company, has been issued 13,636,364 common shares of no par value in the capital of the Company (the "New Shares") in settlement of outstanding Director fees.

Mr Chambers resigned as a Non-Executive Director on 8 May 2015, however the Non-Executive Director package as contracted by the previous executive management team, committed the Company to two quarters of fees of GBP7,500 issued in shares at an equivalent price 0.055 pence per Common Share regardless of whether the position was retained for the entire period. The package also provided for a further cash payment on receipt of the resignation of the Director of GBP7,500, which was paid by the Company on the date of his resignation.

The existing Non-Executive Directors do not have such a package and only receive a cash payment of GBP7,500 at the end of each quarter which is pro-rated for their time in service.

Following this issue of the New Shares due to this agreement, the Company will have a total of 4,131,618,397 Common Shares in issue. An application will be made for admission of the New Shares to trading on AIM with effect from 7 July 2015.

Visit www.seftonresources.com or contact:

 
 Raylene Whitford, Chief Financial     Tel: 0207 872 
  Officer                               5570 
------------------------------------  -------------- 
 Nick Harriss, Nick Athanas, Allenby   Tel: 0203 328 
  Capital Limited (Nomad)               5656 
------------------------------------  -------------- 
 Nick Bealer, Cornhill Capital         Tel: 020 7710 
  Limited (Broker)                      9612 
------------------------------------  -------------- 
 Ben Romney, Buchanan (PR)             Tel: 020 7466 
                                        5132 
------------------------------------  -------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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