Loan Agreement
19/08/2024 07:00
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RNS Number : 8177A Oneiro Energy PLC 19 August 2024
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF REGULATION
11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310
19 August 2024
Oneiro Energy plc
("Oneiro" or the "Company")
Loan Agreement
Further to the announcement of 21 June 2024, Oneiro (LSE:ONE), the LSE-quoted
Company focussed on energy transition, announces that the Company has agreed
the provision of a working capital loan facility (the "Facility") to Switch
Metals Côte d'Ivoire SARL ("Switch CI"). Switch CI is the mining exploration
subsidiary of Switch Metals, the Mauritian private investment company focused
on battery minerals and technology metals ("Switch Mauritius") with whom
Oneiro has agreed heads of terms (the "HoT") for Oneiro to acquire Switch CI
and certain other assets (see the announcement of 21 June 2024).
The Facility has the following key terms:
· Amount - Up to €464,843
· Term - the earlier of the closing of the transaction or 6 calendar
months, with all drawdowns to have been made in the first 150 days (unless
extended by mutual agreement)
· Repayment - Conversion to intercompany loan upon completion of the
contemplated transaction or bullet repayment on maturity
· Interest rate - 5% per annum (increased to 10% per annum should
Switch withdraw from the intended sale of Switch CI), payable on maturity
· Security - Unsecured with a negative pledge
· Drawdowns - On milestones under agreed workplan
The Facility will allow Switch CI to progress exploration activities on its
licence areas within Côte d'Ivoire during the remainder of 2024 under a
workplan agreed between Oneiro and Switch CI.
Oneiro Energy plc
Andy Yeo, Non-Executive Chairman c/o Peterhouse Capital Limited
+44 (0) 20 7469 0930
Allenby Capital Limited (Financial Adviser)
Nick Harriss / Alex Brearley / Lauren Wright
+44 (0) 20 3328 5656
Peterhouse Capital Limited (Broker)
Lucy Williams / Duncan Vasey
+44 (0) 20 7469 0930
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