Phoenix Global Resources PLC Additional Funding (2256A)
28 Mayo 2019 - 1:01AM
UK Regulatory
TIDMPGR
RNS Number : 2256A
Phoenix Global Resources PLC
28 May 2019
28 May 2019
Phoenix Global Resources plc
("Phoenix" or the "Company")
Additional Funding
Further to the Company's announcement on 4 February 2019,
Phoenix Global Resources plc (AIM: PGR; BCBA: PGR), the upstream
oil and gas company offering its investors direct exposure to
Argentina's Vaca Muerta shale formation and other unconventional
resources, is pleased to announce additional funding
arrangements.
Highlights
-- Existing convertible revolving credit facility with Mercuria
Energy Netherlands BV ("MENBV"), part of the Mercuria Group,
increased to US$275 million, providing immediate additional funds
of US$40 million (the "Amended Convertible RCF")
-- Additional funds will be used to support the Group's 2019 business plan
Amended Convertible RCF
The Amended Convertible RCF will provide immediate additional
funds of US$40 million and bears interest at a rate of 4% over
3-month US$ LIBOR with a maturity date of 31 December 2021. The
Amended Convertible RCF has three tranches, a facility A commitment
of US$160 million ("Facility A"), which was entered into in
February 2018, a facility B commitment of US$75 million ("Facility
B"), which was entered into in February 2019 and a facility C
commitment of US$40 million ("Facility C") (Facility A, Facility B
and Facility C the "Loan") . Facility A carries the right to
convert all or part of Facility A into additional new ordinary
shares of Phoenix at a price of 45 pence per share at any time from
30 June 2018 until 10 business days prior to the maturity date.
Facility B carries the right to convert all or part of Facility B
into additional new ordinary shares of Phoenix at a price of 28
pence per share at any time from 30 June 2019 until 10 business
days prior to the maturity date. Facility C carries the right to
convert all or part of Facility C into additional new ordinary
shares of Phoenix at a price of 23 pence per share at any time from
30 June 2020 until 10 business days prior to the maturity date. The
Amended Convertible RCF provides for a grace period (interest and
principal) from 1 January 2019 to 29 February 2020 and the Loan
will be amortised in equal quarterly repayment instalments from 31
March 2020 until maturity
The rights to convert Facility B and Facility C are subject to
appropriate shareholder resolutions, in relation to the authority
to allot and disapplication of pre-emption rights in relation to
such shares, having been approved. The Company intends to propose
the relevant resolutions at its annual general meeting to be held
this year (Facility B) and next year (Facility C).
Related Party Transaction
Mercuria Group is a substantial shareholder of the Company and a
related party under the AIM Rules. The entering into of the Amended
Convertible RCF constitutes a related party transaction (the
"Transaction") under the AIM Rules. The directors of the Company,
except for the two Mercuria directors (being Mercuria's designated
directors under the Relationship Agreement between Phoenix and
certain Mercuria Group companies), having consulted with the
Company's nominated adviser, Stockdale Securities Limited, consider
that the terms of the Transaction are fair and reasonable insofar
as the Company's shareholders are concerned.
Kevin Dennehy, CFO of Phoenix said:
"I am pleased to announce that funding is in place to support
the balance of the 2019 work program, which will allow Phoenix to
continue to develop its highly attractive asset base."
Ends
For further information, please contact:
Phoenix Global Resources Kevin Dennehy, CFO T: +54 11 5258 7500
plc
Stockdale Securities Antonio Bossi T: +44 20 7601 6100
David Coaten
Panmure Gordon Charles Lesser T: +44 20 7886 2500
Camarco Billy Clegg T: +44 20 3757 4980
Owen Roberts
James Crothers
About Phoenix
Phoenix Global Resources is an independent oil and gas
exploration and production company focused on Argentina and listed
on the London Stock Exchange (AIM: PGR) and Buenos Aires Stock
Exchange (BCBA: PGR). The Company has over 1.8 million licensed
working interest acres in Argentina (of which over 0.7 million are
operated), 57.1 million boe of working interest 2P reserves and
average working interest production of approximately 10,249 boepd
in 2018. Phoenix has signi cant exposure to the unconventional
opportunity in Argentina through its approximately 700,000 working
interest acres with Vaca Muerta and other unconventional
potential.
The Company's website is www.phoenixglobalresources.com
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contact rns@lseg.com or visit www.rns.com.
END
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