31st Jul 2015 09:48
LONDON (Alliance News) - Sirius Petroleum PLC Friday said it has agreed terms with Greenland Estates Holdings Ltd to secure an additional loan facility.
Back in June, Sirius paid GBP800,000 to Greenlands by issuing 100 million new shares at a price of 0.8 pence per share to pay for historical fees owed to the company for advisory services provided by Greenlands.
As part of that settlement, Greenlands agreed to introduce or facilitate GBP250,000 worth of loans to Sirius, of which the first GBP100,000 was agreed. Under the GBP100,000 loan, Sirius agreed to repay the loan by converting GBP100,000 of new shares at a price of 1.0 pence per share.
On Friday, Sirius said it has now entered further agreements with Greenlands for the remaining GBP150,000 of loans, which has been agreed on "identical" terms to the GBP100,000 loan.
Sirius said Greenlands elected to convert the GBP150,000 loan immediately, meaning the company has issued a further 150.0 million new shares at 1.0 pence per share.
Separately, Sirius said it has issued Greenlands with a further 937,500 new shares to pay for other contractual obligations that is not related to the loan.
Sirius shares were up 1.9% to 17.57 pence per share on Friday.
By Joshua Warner; [email protected]; @JoshAlliance
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