14th Jul 2020 16:30
Zoltav Resources Inc - the Russia-focused oil & gas explorer - Enters into a loan agreement with ARA Capital Holdings Ltd under which ARA has provided a revolving loan facility for up to USD9.0 million. ARA is the parent company of ARA Capital Ltd - both entities combined own 44% of the issued share capital of Zoltav. The Loan has been made available for drawdown in two instalments of USD2.0 million, which is provided unconditionally, and USD7.0 million, which is secured against the shares of Royal Atlantic Energy (Cyprus) Ltd. The loan is currently due for repayment by August 15. Proceeds from the loan will be used for general working capital purposes and in support of the operational activities
Current stock price: 37.88 pence
Year-to-date change: up 6.7%
By Evelina Grecenko; [email protected]
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