Document date: Wed 29 Jan 2003 Published: Wed 29 Jan 2003 14:04:43 Document No: 231504 Document part: A Market Flag: Y Classification: Periodic Reports - Other KALREZ ENERGY LIMITED 2003-01-29 ASX-SIGNAL-G
HOMEX - Perth
+++++++++++++++++++++++++ With the first drawdown of $500,000 of the Tulloch Lodge ("Tulloch") Loan Facility, Kalrez advises it has today cleared all default cash calls and imposed interest penalties, due on the Seram JV Project.
This is a very important step for Kalrez, in that this is the first time since January 2002, that the company has been clear of it's payment obligations as a partner in the Seram JV Project.
The Tulloch facility totals 2 million dollars and consists of $500,000 placement in the company (already subscribed) and 1.5 million dollars loan facility, dedicated to funding Seram JV cash calls (500,000 drawn down today).
Eddie Smith, the company's former Chairman comments "That with Tulloch's assistance the company now has a certainty that was previously missing and the future now looks a lot brighter for Kalrez shareholders."
For further information please contact:
Mr Russell Brimage or Mr Giuseppe (Joe) Mercorella Jakarta Office Adelaide Office Ph: 0011 6221 7696977 Mobile: 0403680570 Fax: 0011 6221 7697012 Ph: 08-82391344 Email: [email protected] Fax: 08-82391744
Mr Eddie Smith Email: [email protected] Perth Office Ph: 08-93629330 Fax: 08-93629331