9th Jan 2015 08:04
LONDON (Alliance News) - Andes Energia PLC on Friday said it will issue shares to cover the adviser's fee owed on its deal with Ketsal SA under which the latter will convert the loan it provided to Andes into shares.
Andes will issue 400,000 shares at an issue price of 43 pence per share to cover the GBP172,000 transaction fee owed from the Ketsal deal.
Under the deal with Ketsal, Andes is issuing 13.1 million shares at 43 pence per share to Ketsal in order to convert the USD9.1 million loan provided by the oil and gas services company into equity.
Andes shares were untraded at the open on Friday and were last quoted at 34 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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