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PetroNeft Resources Provides Financing Update

Source: www.gulfoilandgas.com 6/25/2019, Location: Asia

PetroNeft (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.

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