12th Sep 2006 10:23
Summit Resources plc12 September 2006 12 September 2006 SUMMIT RESOURCES PLC (AIM: SMR) Provision of Bridging Finance Facility to Coal Contractors (1991) Inc. The Board of Summit Resources plc ("Summit") today announces that on 8thSeptember 2006 Summit entered into an agreement to provide Coal Contractors(1991) Inc. with a Bridging Finance Facility of £400,000. The Bridging Finance Facility has been provided for the purpose of enabling CoalContractors (1991) Inc. to pay the final consideration due for an anthracitewashing plant at Coal Contractors (1991) Inc.'s Stockton Colliery inPennsylvania, USA. Under the terms of the agreement the principal amount of £400,000 plus aredemption fee of £15,000 is payable to Summit on 31 December 2006 by CoalContractors (1991) Inc.. Furthermore under an agreement dated 8th August 2006Hichens, Harrison Ventures Limited (a wholly owned subsidiary of Hichens, Harrison & Co plc - Summit's Broker), has guaranteed the principal amount of the Bridging Finance Facility on commercial terms. Contacts: Summit Resources plc: Toby Howell - 0207 932 2427Ruegg & Co: Gavin Burnell - 0207 584 3663Hichens, Harrison & Co plc: Daniel Briggs - 0207 382 4450 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Atlantic Coal