Petroneft Resources PLC Financing Update (5350M)
22 Enero 2021 - 01:00AM
UK Regulatory
TIDMPTR
RNS Number : 5350M
Petroneft Resources PLC
22 January 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
22(nd) January 2021
PetroNeft Resources plc
("PetroNeft" or the " Group " or the "Company")
Financing Update
PetroNeft (AIM: PTR) an oil & gas exploration and production
company, operating in the Tomsk Oblast, Russian Federation, and 50%
owner and operator of Licences 61 and 67, is pleased to provide a
financing update.
Convertible Loan facility
In June 2019 PetroNeft agreed a convertible loan facility of
US$1.3 million with a group of five lenders. The convertible loan
matured on 31(st) December 2020. The Company is now pleased to
announce that it has reached agreement with the five lenders to
extend the term of the loan under the following terms:
-- Extension to the Maturity date from 31(st) December 2020 to 31(st) December 2021.
-- Interest rate to remain at 8% above LIBOR.
-- Convertible right to remain at 65% of the loan amount.
The loan was provided by a group of five investors. Three of the
investors are related parties (as defined in the AIM Rules and
Euronext Growth Market Rules). Details of the amounts that was
originally provided by the related parties are outlined in the
table below. The directors of the Company, other than Daria
Shaftelskaya and David Sturt, having consulted with the Company's
Nominated Advisor and Euronext Growth Market adviser, consider the
terms for the extension of the loan facility to be fair and
reasonable insofar as the Company's shareholders are concerned.
Amount provided
Lender (US$) Relationship
Natlata Partners 560,000 Substantial shareholder
LLP.
---------------- -----------------------------------
Daria Shaftelskaya 240,000 PetroNeft Director and Substantial
shareholder of PetroNeft
---------------- -----------------------------------
David Sturt 50,000 PetroNeft CEO & Director
---------------- -----------------------------------
For further information, contact:
+971 55 1919
David Sturt, PetroNeft Resources plc 808
John Frain/Caroline Pearson, Davy (NOMAD, Euronext +353 1 679
Growth Market Adviser and Broker) 6363
+353 1 498
Joe Heron / Douglas Keatinge, Murray 0300
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Article 7 of the Market Abuse Regulation and is disclosed in
accordance with the Issuer's obligations under Article 17 of the
Market Abuse Regulations.
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END
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