5,000,000 share purchase warrants to acquire common shares of Hawker at a strike price of $0.25 per share for 5 years.3,000,000 common shares of Hawker (current mid price $0.0625, giving a value of $187,500), subject to a six month lock in from date of issue and.Subject to shareholder approval, Hawker will assume all liabilities of TEG USA and pay a consideration of: Notice of this EGM will be posted to registered shareholders and depository interest holders today. Shareholder approval will be sought by way of an EGM set for 30January 2015 at the Company's office in Denver, CO, USA at 5.00pm GMT, 10.00am MST. ("Hawker") whereby Hawker will acquire 100% of the shares of TEG USA, subject to shareholder approval and other conditions typical for such a transaction. The Company has negotiated a significantly revised transaction and entered into a Share Purchase Agreement (the "SPA") with Hawker Energy, Inc. The continued fall in world oil prices has had a significant negative impact on the Company and the viability of the transaction approved by shareholders at the previous EGM held on 23 July 2014. The current balance of Loan is approximately $4m. ("TEG USA"), whose primary asset is the Tapia oil field in California (the "Loan"). The board of directors of Sefton (the "Board") provides the following update in respect to refinancing plans for the loan facility from Bank of the West (the "Bank") to its wholly owned subsidiary TEG USA Inc. Update on Proposed Refinancing & Notice of Extraordinary General Meeting ("EGM")
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