Phoenix Global Resources PLC Additional Funding (5425Q)
29 Junio 2022 - 1:00AM
UK Regulatory
TIDMPGR
RNS Number : 5425Q
Phoenix Global Resources PLC
29 June 2022
29 June 2022
Phoenix Global Resources plc
("Phoenix" or the "Company")
Additional Funding
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company, announces an update on its funding
arrangements.
As disclosed in the Company's announcement of its 2021 final
results on 27 May 2022 ("Announcement"), Mercuria stated its
intention to provide financial support to the Company in order that
the Company could continue to operate and service the Company's
liabilities as they fall due in the period to 30 June 2023 and fund
the planned work programs. Mercuria also specifically agreed to not
demand repayment of the Mercuria loans (principal and interest)
during this period. The Company and Mercuria are still seeking to
restructure the existing facilities, but do not expect this to be
completed until later in the year.
Mercuria has, therefore, agreed to further increase the bridging
facility, which carries interest at US$ LIBOR plus 4% and is not
convertible, by US$36.0 million to US$133.5 million.
The principal terms remain consistent with the terms of the
existing facilities. The bridging facility provides for a repayment
date (principal and interest) and maturity date of 31 December
2022. The convertible facility provides for an interest payment
grace period 1 January 2019 to 30 September 2022 with a first
repayment date and maturity date of 31 December 2022. The loans
continue to be unsecured . The increased facility will be used to
fund the Company's planned work programmes.
Related Party Transaction
Mercuria Group is a substantial shareholder of the Company and a
related party under the AIM Rules for Companies. The increase of
the Bridging Facility to US$133.5 million constitutes a related
party transaction (the "Transaction") under the AIM Rules. The
directors of the Company, except for Magid Shenouda (being
Mercuria's designated director under the Relationship Agreement
between Phoenix and certain Mercuria Group companies), having
consulted with the Company's nominated adviser, Shore Capital &
Corporate Limited, consider that the terms of the Transaction are
fair and reasonable insofar as the Company's shareholders are
concerned.
For further information, please contact:
Phoenix Global Resources Nigel Duxbury T: +44 20 3912 2800
plc
Shore Capital Toby Gibbs T: +44 20 7408 4090
Nominated Adviser and David Coaten
Joint Broker
Panmure Gordon John Prior T: +44 20 7886 2500
Joint Broker Atholl Tweedie
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on both the London Stock Exchange (AIM: PGR) and the Buenos Aires
Stock Exchange (BCBA: PGR) and offers its investors an opportunity
to invest directly into Argentina's Vaca Muerta shale formation and
other unconventional resources. The Company has over 0.8 million
licenced working interest acres in Argentina (of which
approximately 0.7 million are operated), 54.0 million boe of
working interest 2P reserves and average working interest
production of 4,553 boepd in 2021. Phoenix has signi cant exposure
to the unconventional opportunity in Argentina through its
approximately 0.4 million working interest acres with Vaca Muerta
and other unconventional potential.
The Company's website is www.phoenixglobalresources.com
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June 29, 2022 02:00 ET (06:00 GMT)
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