PetroNeft Resources reach agreement to extend term of the loan

PetroNeft Resources plc (LON:PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 50% owner and operator of Licences 61 and 67, has provided a financing update.

Convertible Loan facility

In June 2019 PetroNeft agreed a convertible loan facility of US$1.3 million with a group of five lenders. The convertible loan matured on 31st December 2020. The Company is now pleased to announce that it has reached agreement with the five lenders to extend the term of the loan under the following terms:

·    Extension to the Maturity date from 31st December 2020 to 31st December 2021.

·    Interest rate to remain at 8% above LIBOR.

·    Convertible right to remain at 65% of the loan amount.

The loan was provided by a group of five investors. Three of the investors are related parties (as defined in the AIM Rules and Euronext Growth Market Rules).  Details of the amounts that was originally provided by the related parties are outlined in the table below. The directors of the Company, other than Daria Shaftelskaya and David Sturt, having consulted with the Company’s Nominated Advisor and Euronext Growth Market adviser, consider the terms for the extension of the loan facility to be fair and reasonable insofar as the Company’s shareholders are concerned.

 LenderAmount provided(US$) Relationship
Natlata Partners LLP.560,000Substantial shareholder
Daria Shaftelskaya240,000PetroNeft Director and Substantial shareholder of PetroNeft
David Sturt50,000PetroNeft CEO & Director
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