REG - Petroneft Resources - Conversion of Debt

Petroneft ResourcesAnnouncement

08/12/2021 07:00

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RNS Number : 8601U  Petroneft Resources PLC  08 December 2021

 

December 8, 2021

PetroNeft Resources plc

("PetroNeft" or the "Group" or the "Company")

Conversion of debt

PetroNeft (AIM: PTR) an oil & gas exploration and production company,
operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator
of Licence 67 and 50% owner and operator of Licence 61, is pleased to provide
a financing update.

Highlights

·      Total of $37,500 of debt converted to equity under 2021
convertible loan agreement for the issuance of 1,395,255 new ordinary shares.

Loan facility

PetroNeft previously secured a convertible loan agreement, it being:

·      February 16(th), 2021: entered a US$2.9 million loan agreement
with a group of 13 lenders. Lenders have the right to convert 75% of the
outstanding loan to shares at a conversion price of stg £0.02 in year 1 and
stg £0.025 in year 2.

The conversion of this debt to shares will result in the outstanding debt
principal under these agreements being reduced from $1.083 million to $1.046
million and will result in an increase in the total number of issued shares in
the Company from 1,070,397,358 to 1,071,792,613.  All shares are being issued
at a premium to the share price on the date that the terms of the agreements
were announced.

An application will be made to the London Stock Exchange and Euronext Dublin
for the 1,395,255 PetroNeft ordinary shares to be admitted to trading on AIM
and Euronext Growth. It is expected that admission to trading on each exchange
will become effective and that dealings in the new ordinary shares will
commence on AIM and Euronext Growth at 8.00 a.m. on 14 December 2021.

For further information, contact:

  David Sturt, CEO, PetroNeft Resources plc                   +44 7903 869 608
  John Frain / Ciara O'Mongain, Davy (NOMAD and Broker)       +353 1 679 6363
  Joe Heron / Douglas Keatinge, Murray Consultants            +353 1 498 0300

 

 

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