REG - SDX Energy PLC - UPDATE ON SALE PROCEEDS AND CONVERTIBLE LOAN

SDX EnergyAnnouncement

24/04/2024 07:00

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RNS Number : 7547L  SDX Energy PLC  24 April 2024

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO
CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION
(EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

24 April 2024

 

SDX ENERGY PLC ("SDX" or the "Company")

UPDATE ON SALE PROCEEDS AND AMENDMENT TO CONVERTIBLE LOAN AGREEMENT

Further to the Company's announcement on 19 April 2024, SDX confirms that it
has received the first instalment of the West Gharib sales proceeds amounting
to US$3.5 million and repaid in full the outstanding secured EBRD
reserves-based lending facility amounting to US$2.7 million, resulting in the
Company having more flexibility to deliver shareholder value by progressing
the disposal of South Disouq, growing our Moroccan assets and executing on the
energy transition strategy.

Convertible Loan Agreement

As announced on 27 July 2023, the Company entered into a syndicated unsecured
convertible loan agreement (the "Original Agreement") with Aleph Finance Ltd
for up to $3.25 million (the "Convertible Loan". Pursuant to the Original
Agreement, the Company drew $2.50 million and the period to draw the
remainder of the commitment amount expired.

The Company has now agreed an amendment to the Original Agreement to extend
the drawdown period. The remaining commitment amount of $750,000 will be drawn
by the Company and used to pay service providers in relation to ongoing
Moroccan drilling activities and general corporate purposes.

All other terms of the Original Agreement are unchanged. The syndicated
Convertible Loan is unsecured, convertible at any time at the option of the
individual lenders and repayable 364 days after the initial drawdown of the
Convertible Loan is made. The conversion price is approximately 4.5 pence per
Ordinary Share (or, if lower, the lowest issue price for any Ordinary Shares
issued during the life of the Convertible Loan). If conversion occurs within
ten business days of maturity, the conversion price is approximately
6.6 pence per Ordinary Share.

 

For further information:

 

 SDX Energy Plc

 Daniel Gould, Chief Executive Officer

 William McAvock, Chief Financial Officer

 Tel: +44 (0) 20 3219 5640

 Shore Capital (Nominated Adviser and Broker)

 Toby Gibbs/Harry Davies-Ball

 Tel: +44 (0) 20 7408 4090

 InHouseIR (Investor and Media Relations)

 Sarah Dees/Oliver Clark

 Email: sdx@inhouseir.com

 Tel: +44 (0) 78 8165 0813 / +44 (0) 20 3239 1669

About SDX

For further information, please see the Company's website at
www.sdxenergygroup.com
(https://url.avanan.click/v2/___http:/www.sdxenergygroup.com/___.YXAxZTpzaG9yZWNhcDphOm86MDEzNTAyODI2ZTNhZWY5ZWM4YWU4MGY3MmNiNjhiMDc6Njo4MDY2OmIyZDJhNDdjNTNhNWU3Yjc5Y2VjZDQ5MzgxZTRkZWJlNTE2NjQyYTMwOTk0NmQwOGZjN2U4MWIyMzIxODExNjM6cDpU)
or the Company's filed documents at www.sedar.com
(https://url.avanan.click/v2/___http:/www.sedar.com/___.YXAxZTpzaG9yZWNhcDphOm86MDEzNTAyODI2ZTNhZWY5ZWM4YWU4MGY3MmNiNjhiMDc6NjplNWE4OjE1YTQ5NzZmMjEyMWQ5MjgyZjhkZjI1YmQzNmU3YzE3ODdlMWMyY2MwM2E4YjBiYTJmY2M3ODk2ZWE5MmI3YTM6cDpU)
.

 

Forward-looking information

Certain statements contained in this press release may constitute
"forward-looking information" as such term is used in applicable Canadian
securities laws. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or are not statements of historical fact should
be viewed as forward-looking information.

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