7th Aug 2014 09:29
LONDON (Alliance News) - Roxi Petroleum PLC Thursday said it will issue new shares in order to satisfy a USD500,000 debt to Zhanat Bukenova related to Roxi's Munaily asset in 2010.
Roxi will issue 3,995,438 shares to Zhanat Bukenova, giving it a 0.5% stake in the Kazakhstan-focused oil and gas firm.
Roxi borrowed USD3 million in 2010 in connection with the Munaily project, one of Roxi's three principal contract areas alongside BNG and Galaz. In March 2013, it issued new shares to convert USD2.5 million of this debt and the current debt conversion rate on the new deal is in line with that transaction.
Roxi shares were up 1.5% to 15.35 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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