Ruspetro Announces Short-Term Financing

Source: www.gulfoilandgas.com 8/26/2014, Location: Asia

Ruspetro plc announce that Limolines Transport Limited has today extended a short-term unsecured loan of US$10 million to the Company at an annualised rate of 14 per cent for a term of six months (the "Loan").

The funding allows the Company to continue the operational momentum gained since spudding its first horizontal well in April of this year.

Including the Loan, the Company's current cash balance will be approximately US$11 million. Accordingly, as previously announced, securing access to additional capital and a longer term restructuring of the Company's balance sheet remains imperative for the Company.

For the purposes of the Listing Rules, Limolines, which is interested in ordinary shares representing 27.9 per cent of the Company's issued share capital,is a related party of the Company and the Loan falls within Listing Rule 11.1.6R (2) and, accordingly, Listing Rules 11.1.7R to 11.1.10R do not apply.


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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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