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Regulatory Story
Company Petroneft Resources PLC
TIDM PTR
Headline Financing Update
Released 07:00 25-Jun-2019
Number 2643D07

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 31st 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.

 

 

Lender

Amount provided

(US$)

 

Relationship

Natlata Partners Limited

560,000

Largest shareholder of PetroNeft 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:

David Sturt, PetroNeft Resources plc     

+971 55 1919 808

John Frain/Brian Garrahy, Davy (NOMAD, ESM Adviser and Joint Broker)                               

+353 1 679 6363

Henry Fitzgerald-O'Connor, Canaccord Genuity Limited (Joint Broker)   

+44 207 523 8000

Joe Heron / Douglas Keatinge, Murray

+353 1 498 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.

 


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