17th Jan 2007 12:27
Summit Resources plc17 January 2007 17 January 2006 SUMMIT RESOURCES PLC (AIM: SUMR) Bridging finance facilities to Coal Contractors (1991) Inc. The Board of Summit Resources plc ("Summit") announces that Summit has enteredinto an agreement to extend its first and second bridging finance facilities toCoal Contractors (1991) Inc. ("Coal Contractors") until 31 March 2007 andpayable upon 30 days notice thereafter. Both the first facility, as announced on 12th September 2006, ("First Facility")and the second facility, as announced on 10th October 2006 ("Second Facility")have been made to finance civil engineering works being carried out to installan anthracite washing plant at Coal Contractors' Stockton Colliery inPennsylvania, USA. Furthermore, Summit has negotiated the replacement of the existing security forthe Second Facility with security over the assets of Coal Contractors.Additionally the obligations and liabilities of Coal Contractors to Summit areguaranteed by Stockton Mine Associates I L.P., Stockton Mine Associates II L.P.,and Stockton Anthracite L.P. (the "Guarantors"). The Guarantors own certaincontiguous tracts of land in Pennsylvania in USA Contacts: Summit Resources plc: Toby Howell - 020 7182 1741 Ruegg & Co Limited: Gavin Burnell - 020 7584 3663 Hichens, Harrison & Co plc: Daniel Briggs - 020 7382 4450 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Atlantic Coal