Latin America-focused oil and gas company Echo Energy is restructuring its debt and raising at least £450,000 via a placing at 0.25p a share. This was announced after the market closed and the share price had closed 5.06% higher at 0.27p.
Lombard Odier Asset Management has agreed to convert its €5m 8% secured convertible debt facility into shares at 0.45p each, while accrued interest will be converted into 213.9 million shares at 0.25p each.
A further €10m of debt plus interest, will be converted into shares at 0.45p each. Shareholder approval is required to issue the additional shares.
Echo Energy plc (LON:ECHO) is a full cycle, exploration led, oil and gas focused AIM-listed E&P with an exciting asset base in Latin America.