TIDMPTR
RNS Number : 2220U
Petroneft Resources PLC
01 April 2021
April 1(st) 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
PetroNeft Resources plc
("PetroNeft" or the "Group" or the "Company")
Conversion of debt
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 50%
owner and operator of Licence 61 and 90% owner of Licence 67, is
pleased to provide a financing update.
Highlights
-- Total of $2.69M of debt converted to equity under three
historic convertible loan agreements for the issuance of
115,794,613 new Ordinary shares.
-- Participation by the company's largest Shareholders, Directors and Senior Management.
Loan facility
PetroNeft historically entered into three convertible loan
agreements, these being:
-- June 24(TH) 2019 : entered into a Convertible Loan Agreement
for a total of US$ 1.3Million with a group of five lenders. Lenders
have the right to convert up to 65% of the outstanding loan amount
at a conversion price of US$0.01547 per share.
-- February 16(th) 2021 : entered into a US$2.9 million with a
group of 13 lenders. Lenders have the right to convert 75% of the
outstanding loan to shares at a conversion price of stgGBP0.02 in
year 1 and stg GBP0.025 in year 2.
-- March 2(nd) 2021: As part of the acquisition of the
additional interest in Licence 67, PTR entered into an agreement
with Sarum Energy for a $1.7M convertible loan with the lender
having the right to convert up to 50% of the loan into share at a
price of stg GBP0.02 in year 1 and stgGBP0.025 in year 2. The
lender is exercising their right to convert the full 50 of the loan
into shares.
The conversion of this debt to shares will result in the
outstanding debt under these agreements being reduced from $5.9
million to $3.2 million and will result in an increase in the total
number of issued shares in the Company from 919,356,740 to
1,035,151,353. All shares are being issued at a premium to the
share price on the date that the terms of the various agreements
were announced.
Application will be made to the London Stock Exchange and
Euronext Dublin for the 115,794,613 PetroNeft ordinary shares to be
admitted to trading on AIM and Euronext Growth. It is expected that
admission to trading on each exchange will become effective and
that dealings in the New Ordinary Shares will commence on AIM and
Euronext Growth at 8.00 a.m. on 12 April 2021.
The following is the list of holdings by related parties and
Directors.
Related Party & Directors Existing New Shares Resulting % shares
Shareholding to be issued Shareholding in Circulation
Natlata Partners
LTD 237,117,793 38,385,658 275,503,451 26.61
-------------- -------------- -------------- ----------------
Alastair McBain,
Non Exec Chairman
& Shareholder* 92,698,500 62,275,839 154,974,339 14.97
-------------- -------------- -------------- ----------------
David Sturt, Director
& CEO 15,876,866 10,217,266 26,094,132 2.52
-------------- -------------- -------------- ----------------
Pavel Tetyakov, Director
& VP 12,444,530 3,192,985 15,637,515 1.51
-------------- -------------- -------------- ----------------
* Alastair McBain holds his interest through ADM Consulting FZE
and Belgrave Naftogas BV.
David Sturt, CEO of PetroNeft Resources plc, commented:
"While these convertible loans were essential to the survival of
PetroNeft, a key element of the ongoing work to turn the company
around is reducing its indebtedness and moving it on to a sounder
footing. This is just as important as the operational success that
we have had in the last eighteen months across our licences.
Furthermore, it is critical to allow us the finance to carry out
the development activity which will release the value of the
Company.
We are very pleased to be able to announce exercise of these
conversion rights as it reduces the level of debt of the company by
a substantial amount and at the same time demonstrating significant
support by the lenders which includes our two largest shareholders
along with Board Directors and senior management."
For further information, contact:
+44 7903 869
David Sturt, CEO, PetroNeft Resources plc 608
+353 1 679
John Frain/Caroline Pearson, Davy (NOMAD and Broker) 6363
-------------
+353 1 498
Joe Heron / Douglas Keatinge, Murray Consultants 0300
-------------
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END
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April 01, 2021 02:00 ET (06:00 GMT)
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