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
