Update on the Petraco refinancing
20 April 2010 - 11:08PM
UK Regulatory
TIDMUEN
RNS Number : 4811K
Urals Energy Public Company Limited
20 April 2010
20 April 2010
Urals Energy Public Company Limited
('Urals Energy' or the 'Company')
Update on the Petraco refinancing
Further to the announcement on 12 April 2010 relating to the refinancing of the
indebtedness owed by the Company to Petraco Oil Company Limited ("Petraco"),
Urals Energy today confirms that, subject to a waiver of the pre-emptive rights
by the Company's shareholders at the next Extraordinary General Meeting (notice
of which was mailed to all shareholders on 14 April 2010), in accordance with
the Restructuring Agreement (as defined in the announcement of 12 April 2010)
Petraco will convert US$2.0 million of its existing outstanding indebtedness
into 8,693,006 new Urals Energy shares. In addition the Company will issue
warrants to Petraco to acquire 12,576,688 new Urals Energy shares.
These figures have been calculated using a volume weighted average price of
17.278663 pence per Urals Energy share and an exchange rate of GBP1.00 to
$1.5338.
The extraordinary general meeting is scheduled to take place at 10.00 am local
time at Evagoras Building Office, 34 3rd Floor, 31 Evagorou Avenue, Nicosia,
Cyprus
Enquiries:
+----------------------------------+--------------------------------+
| | |
| Allenby Capital Limited | +44 (0)20 3328 5656 |
+----------------------------------+--------------------------------+
| Nick Naylor | |
| Alex Price | |
+----------------------------------+--------------------------------+
| | |
+----------------------------------+--------------------------------+
| Pelham Bell Pottinger | +44 (0)20 7337 1500 |
+----------------------------------+--------------------------------+
| Mark Antelme | |
+----------------------------------+--------------------------------+
| Evgeniy Chuikov | |
+----------------------------------+--------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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