REG - Barryroe Offshore - Convertible Loan Note Funding Update

Barryroe Offshore EnergyAnnouncement

19/01/2023 07:00

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RNS Number : 1777N  Barryroe Offshore Energy PLC  19 January 2023

Convertible Loan Note Funding Update

 

As announced by the Company on 23 November 2022 a funding agreement of up to
€40 million in the form of a Redeemable Convertible Secured Loan Note (the
"Funding Agreement") was executed by the Company with Vevan Unlimited
("Vevan").

The Funding Agreement was entered into to provide the required funding for the
work programme proposed in the Barryroe Field Lease Undertaking Application.
While the Company can draw down the funding to meet the costs of the work
programme set out in the Lease Undertaking Application, subject to the
conditions precedent set out in the Funding Agreement, certain issuances of
shares and warrants as contemplated by the Funding Agreement require the
passing of share allotment and authority resolutions at an Extraordinary
General Meeting ("EGM") of the Company.

In that context, the Company has deferred the issuance of the circular
convening the EGM in circumstances where certain substantial shareholders of
the Company notified the Company and Vevan of their interest in participating
in a potential sub-allocation of the Funding Agreement.  Discussions are
progressing, and once concluded, the Company intends to proceed with the EGM
as planned.

 

INVESTOR ENQUIRIES:

Barryroe Offshore Energy P.l.c.   Tel: +353 1 219 4074

Alan Curran

Chief Executive

 

Investor Relations   Tel: + 353 1 219 4074

Job Langbroek

 

J & E Davy   Tel: +353 1 679 6363

Anthony Farrell

MEDIA ENQUIRIES

AM O'Sullivan PR  Tel: +353 87 9881890 / tina@amosullivanpr.ie

Tina Quinn

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