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Sefton Resources (SER)

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Friday 24 July, 2015

Sefton Resources

Update on litigation

RNS Number : 0469U
Sefton Resources Inc
24 July 2015
 

24 July 2015

Sefton Resources, Inc.

("Sefton" or the "Company")

 

Update on litigation

 

The Company has previously announced that James Ellerton (Sefton's former Executive Chairman) initiated legal proceedings in the State of Colorado against the Company in May 2015 (the "Ellerton Action").

 

The Company announced on 10 July 2015 that Mr. Ellerton had filed an Involuntary Petition under Chapter 7 of the US Bankruptcy Code (the "Petition") in the US Bankruptcy Court for the District of Colorado in an attempt to force the Company into bankruptcy proceedings. The Company has been informed today that Mr Ellerton's attorney filed the certificate of service for the Petition with the US Bankruptcy Court for the District of Colorado on 21 July 2015.

 

The Company maintains a firm position that Mr. Ellerton has filed the Petition in bad faith, and that the Petition is invalid under the US Bankruptcy Code (the "Code"), a view supported by the Company's US legal counsel.  The Company has today filed to dismiss the Petition, and will seek all available remedies under the Code, including attorneys' fees, costs, and compensatory or punitive damages.

 

Further announcements will be made as appropriate.

 

 

Visit www.seftonresources.com or contact:

 

 

Raylene Whitford, Chief Financial Officer

Tel: 020 7872 5570

 

Nick Harriss, Nick Athanas, Allenby Capital (Nomad)

 

Tel: 020 3328 5656

Nick Bealer, Cornhill Capital (Broker)

 

Tel:  020 7710 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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