Fenikso Limited - Receipt of funds for repayment of US$51.9m loan
05/07/2024 07:00
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RNS Number : 1809V Fenikso Limited 05 July 2024
Fenikso Limited
Receipt of funds for repayment of US$51.9m loan
5(th) July 2024: Fenikso Limited (AQSE: FNK) (the "Company"), the Cayman
Islands enterprise company formerly known as Lekoil Limited, announces the
receipt of funds under the Lekoil & Gas Investments ("LOGI") Loan entered
in to on 31 December 2022 as part of the Fenikso restructuring. Fenikso
Limited received US$1,332,245 as partial repayment of the loan of
US$51,919,467 the remaining balance is US$40,916,588. The amount received
equates to 8.65% of the most recent payment from crude oil sales received by
LOGI. The next payment is scheduled before the end of August 2024. The
proceeds will go towards repaying the Savanah Energy Investments Limited loan,
which currently has an outstanding balance of US$12,913,314 and towards
building up cash in Fenikso. Post the payment to Savanah Energy the Company
expects to have over US$5,000,000 of cash on its balance sheet.
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
For further information, please visit www.feniksoltd.com or contact:
Fenikso Limited info@feniksoplc.com
Thomas Richardson, Chairman
First Sentinel Corporate Finance (AQSE Corporate Adviser)
Brian Stockbridge +44 (0)20 3855 5551
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