31st Oct 2018 11:39
LONDON (Alliance News) - i3 Energy PLC said Wednesday that holders of its unsecured convertible loan notes have agreed to extend the maturity date of the notes to March 31, 2019, from October 31.
Shares in i3 Energy were up 28% at 53.25 pence each.
All other terms of the notes, totalling GBP409,955, will remain unchanged.
The loan notes will be redeemed by the company at 135% of par at maturity. Noteholders have the option to convert their notes at any time prior to maturity at USD0.54 per share.
The oil & gas producer and developer also said it is not planning an equity financing, "contrary to rumours in the market".
The company's scheduled visit to its North Sea site will be rescheduled for the "earliest good weather window" in 2019.
i3 said the rescheduling will not affect the timing of the field development plan approval, the development of the site or the expected first oil date.
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