Petroneft Resources PLC Financing Update

Fecha : 25/06/2019 @ 01:01
Fuente : UK Regulatory (RNS & others)
Emisora : Petroneft Resources Plc (PTR)
Cotización : 0.55  0.0 (0.00%) @ 02:00
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Petroneft Resources PLC Financing Update

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RNS Number : 2643D

Petroneft Resources PLC

25 June 2019


25 June 2019

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.

Loan facility

PetroNeft has entered into a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matures on 31(st) December 2020 or on the sale of either Licence 61 or Licence 67. The loan facility will be used for general corporate and ongoing operational purposes and carries an interest rate of 8% above USD LIBOR. Lenders can elect at any time to convert up to 65% of the outstanding loan to shares at a conversion price of US$0.01547 (1.547 cent), this being the five day weighted average share price prior to execution of the loan facility.

The loan is being 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 being provided by the related parties are outlined in the table below. The directors of the Company, other than Maxim Korobov and David Sturt, having consulted the Company's nominated advisor and Euronext Growth Market adviser, consider the terms 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   Largest shareholder of PetroNeft 
  Limited                                whose ultimate beneficial 
                                         owner is Maxim Korobov, a 
                                         director of PetroNeft. 
                     ----------------  --------------------------------- 
 Daria Shaftelskaya           240,000   Substantial shareholder of 
                     ----------------  --------------------------------- 
 David Sturt                   50,000   PetroNeft CEO & Director 
                     ----------------  --------------------------------- 

David Golder, Chairman of PetroNeft Resources plc, commented:

"We are pleased with this fundraising which demonstrates the continued support from our larger shareholders. This facility provides some additional head room to the Company while we continue to progress the process to evaluate the possible sale or development of Licence 61 and/or Licence 67."

For further information, contact:

                                                         +971 55 1919 
 David Sturt, PetroNeft Resources plc                             808 
 John Frain/Brian Garrahy, Davy (NOMAD, ESM Adviser        +353 1 679 
  and Joint Broker)                                              6363 
 Henry Fitzgerald-O'Connor, Canaccord Genuity Limited     +44 207 523 
  (Joint Broker)                                                 8000 
                                                           +353 1 498 
 Joe Heron / Douglas Keatinge, Murray                            0300 

This announcement contains inside information as defined in 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.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact or visit



(END) Dow Jones Newswires

June 25, 2019 02:01 ET (06:01 GMT)

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