Sefton Resources has raised £70,500 (before costs) through its existing £15 million Equity Financing Facility (EFF) with Darwin Strategic Limited (Darwin), a majority owned subsidiary of Henderson Global Investors' AlphaGen Volantis Fund.

Highlights:

£70,500 (before costs) has been raised through the EFF at a gross price of 0.441p per common share. The funds raised will be used to help fund the mandatory tank work and current legal costs (see announcement of 25 February 2013). At this time legal costs are less than £100,000. Interim results for the six months to 30 June 2013 are planned to be announced in mid-September which the board of Sefton expect will show that the Company remained cash flow positive during the period even after the tank work and legal costs. At 30 June 2013 the Company had adequate cash in the bank (in excess of £400,000 according to unaudited management accounts). Oil production in California is being maintained at the higher level seen in July 2013. The Company is working with Dr Ali on the final version of the thermal simulation report to ensure that the Company is supplied with sufficient information to plan the further development of the Tapia oil field. An announcement will be released once the report has been finalised.

Tags: Sefton Resources