Petroneft Resources PLC Financing Update (2643D)
25 Junio 2019 - 01:01AM
UK Regulatory
TIDMPTR
RNS Number : 2643D
Petroneft Resources PLC
25 June 2019
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
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
PetroNeft
---------------- ---------------------------------
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
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END
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