PetroNeft agrees new $1.3m loan facility with five lenders
Ecisting shareholders among those who provided new funds for exploration company
Oil and gas exploration company PetroNeft said it has agreed a new convertible loan facility of $1.3 million with a group of five lenders.
With an interest rate of 8 per cent above the USD Libor, the loan facility will be used for ongoing operational and general corporate purposes, the company said.
Under the terms of the loan, lenders can elect at any time to convert up to 65 per cent of the outstanding loan to shares at a conversion price of 1.547 cent.
“We are pleased with this fundraising which demonstrates the continued support from our larger shareholders,” said chairman David Golder. “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.”