Petro Matad Limited Update re. Financing Agreement (9741N)
15 August 2017 - 4:00PM
UK Regulatory
TIDMMATD
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
+97 670 141 099 / +97
Ridvan Karpuz, CEO 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 km(2) 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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