30th May 2019 16:04
LONDON (Alliance News) - Shares in Oracle Power PLC surged Thursday after it had entered into a loan facility worth up to GBP250,000 with Brandon Hill Capital Ltd to help fund working capital.
Shares in coal miner Oracle Power were 15% higher at 0.42 pence on Thursday.
Under the loan agreement, Oracle can draw down on GBP50,000 of the loan from Brandon Hill immediately. After this initial drawdown, Oracle can withdraw a further GBP50,000 per month up to a total of GBP250,000.
The loan has a coupon on 12% per year, with interest accruing daily.
"We would like to thank Brandon Hill for their continued support of the company as we look to finalise our transformational transaction with our Chinese partners," Oracle Chief Executive Officer Naheed Menon said.
"Significant progress has been made as per recent updates and we expect the funds under this loan agreement will be sufficient to reach definitive agreements with the Chinese partners later this year," Menon added. "I look forward to providing further updates over the next few months."
Related Shares:
Oracle Power