Essex Oil Ltd.

January 14, 2011 11:40 ET

Essex Creditor Pursues Repayment of Loan

TORONTO, CANADA--(Marketwire - Jan. 14, 2011) - ESSEX OIL LTD. ("Essex" ) announced on November 8, 2010 that it had received a demand for repayment of a loan of $125,000 plus accrued interest of $32,272 and a Notice of Intention to Enforce Security pursuant to the Bankruptcy and Insolvency Act (Canada) from Randsburg International Gold Corp. ("Randsburg"). Since that time, Essex has been involved in ongoing discussions with Randsburg with respect to terms of a standstill agreement with Randsburg. 

Essex and Randsburg have not yet agreed on the terms of a standstill agreement. Randsburg has initiated steps to appoint a privately-appointed receiver for the assets of Essex. The Company is taking steps to refute the efforts by Randsburg.

Randsburg is a shareholder of Essex. Michael Opara, who is the President, Chief Executive Officer and a director of Randsburg, is also the President and a director of Essex.

Statements made in this news release that are not historical facts are "forward-looking statements" and readers are cautioned that any such "forward-looking statements" are not guarantees of future performance and that actual developments or results may vary materially from those in such "forward-looking statements".

Contact Information

  • Essex Oil Ltd.
    Miles Nagamatsu
    Chief Financial Officer
    (416) 360-8006