Universal Resources scraps A$20 million equity facility with Trafalgar

By Susanna Moon

Chicago, Oct. 12 - Universal Resources Ltd. said it terminated its committed equity facility of A$20 million with Trafalgar Capital Specialized Investment Fund, FIS.

The company said it entered into a term sheet for the loan on May 22.

The term sheet was binding on the parties and subject to the completion of satisfactory due diligence by and the execution of formal agreements between the parties, according to a company press release.

Under the clause entitled "duration," the term sheet was to terminate on the earlier of the commencement date or if the conditions had not been satisfied, upon the expiry of 10 business day's prior written notice from the company to Trafalgar.

To date the parties have not executed the formal agreements, the company noted.

Based in West Perth, Western Australia, Universal is a mineral exploration and development company.

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