Petro Matad Ltd (MATD)

 

LSE:MATD: Update re. Financing Agreement

Petro Matad Ltd

15 Aug 2017 07:00:03

Petro Matad Ltd

RNS Number : 9741N
Petro Matad Limited
15 August 2017
 

15 August 2017

Petro Matad Limited

("Petro Matad" or the "Company")

Update re. Financing Agreement

Petro Matad, the AIM quoted Mongolian oil explorer, provides an update in relation to the share purchase and convertible security deed (the "Deed") with Bergen Global Opportunity Fund, LP (the "Investor") as announced by the Company on 8 May 2017 (the "May RNS").

In order to provide the Company with an opportunity to minimise dilution to the existing shareholders, effective 14 August 2017, the Deed has been amended and restated by mutual consent of the Company and the Investor, to provide that (a) the approximately monthly schedule of tranche equity investments described in the May RNS will be postponed until 15 October 2017, and (b) in lieu of the monthly funding during that period, the Investor has advanced an amount of US$1,500,000 by way of a 24-month interest-free unsecured convertible instrument with the face value of US$1,500,000 (the "Additional Convertible"), which will be convertible, in whole or in part, into new ordinary shares on the same terms as the US$2,000,000 Convertible referenced as issuable under the Deed in the May RNS (the "May Convertible"). For clarity, the Additional Convertible is being advanced in addition to the May Convertible.

-Ends -

 

For more information, please contact:

 

Petro Matad Limited


Ridvan Karpuz, CEO

+97 670 141 099 / +97 675 751 099

 

NOMAD and Broker

Stockdale Securities Limited


Richard Johnson / David Coaten

+44 (0)20 7601 6100

 

 Business Advisory Firm

 FTI Consulting

 Edward Westropp                                                              +44 (0)20 3727 1521

 

About Petro Matad

Petro Matad is the parent company of a group focussed on oil exploration, as well as future development and production in Mongolia. At the current time, Petro Matad holds the sole operatorship of three Production Sharing Contracts with the Government of Mongolia. Block XX has an area of 10,340 km² in the far eastern part of the country, and Blocks IV and V have an area of 28,900 km2 and 21,100 km2, respectively, in the southwest part of the country.

Petro Matad Limited is incorporated in the Isle of Man under company number 1483V. Its registered office is at Victory House, Prospect Hill, Douglas, Isle of Man, IM1 1EQ.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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