Gulf Oil and Gas accountACCOUNT

Phoenix Global Resources Announces Additional Funding

Source: www.gulfoilandgas.com 12/6/2018, Location: South America

Further to the Company's announcement on 16 February 2018, Phoenix Global Resources, the upstream oil and gas company offering its investors an opportunity to invest directly into Argentina's Vaca Muerta shale formation and other unconventional resources, has announced additional funding arrangements.

Highlights

Existing convertible revolving credit facility with Mercuria Energy Netherlands BV ('MENBV'), part of the Mercuria Group, increased to US$185 million, providing immediate initial additional funds of US$25 million (the 'New Convertible RCF')

Additional funds will be used to continue to support the Group's business plan

New Convertible RCF

The New Convertible RCF of US$185 million will provide immediate initial additional funds of US$25 million ('Facility B Loan') and bears interest at a rate of 4% over 3-month LIBOR with a maturity date of 31 December 2021. The New Convertible RCF has a 13-month repayment grace period and will be amortised in equal quarterly repayment instalments from 31 December 2019 until maturity. Mercuria Group will have the right to convert all or part of the Facility B Loan into additional new ordinary shares of Phoenix at a price of 28 pence per share at any time from 30 June 2019 until 10 business days prior to the maturity, subject to appropriate shareholder resolutions in relation to the authority to allot and disapplication of pre-emption rights in relation to such shares having been approved. The Company intends to propose the relevant resolutions at its annual general meeting to be held next year.

The Company remains in discussion with Mercuria regarding the funding of the 2019 business plan.

Financials and Investment News in Argentina >>

Brazil >>  4/17/2019 - Petrobras has received correspondence from Caixa Economica Federal ("Caixa") informing that it is studying the possibility of selling shares that they...
Botswana >>  4/16/2019 - Tlou Energy Limited is pleased to confirm that it has successfully completed an equity placement to Sophisticated Investors totalling BWP21.8 million ...

Egypt >>  4/16/2019 - A finance ministry report on Egypt’s new budget (2019/20) showed that fuel subsidies will be reduced by EGP 36.112 billion (40 percent) in the new fis...
Ecuador >>  4/15/2019 - The Supreme Court of the Netherlands has ruled in favor of Chevron Corporation, rejecting the Republic of Ecuador’s attempts to annul decisions of an ...

United Kingdom >>  4/15/2019 - MX Oil plc, an oil and gas investing company quoted on AIM, announces the following corporate update: ...
Australia >>  4/12/2019 - Japan Oil, Gas and Metals National Corporation (JOGMEC) announced that it will provide equity financing to INPEX Offshore Timor-Leste, Ltd. (INPEX Off...

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

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


Argentina Oil & Gas 1 >>  2 | 3 | 4 |

More News

Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.