15th Jan 2019 09:47
LONDON (Alliance News) - Sirius Petroleum PLC on Tuesday said it raised GBP1.8 million via the initial issue of convertible notes to support its current financing requirements.
Sirius shares were trading down 8.2% at 0.57 pence each.
The company reached an agreement with European High Growth Opportunities Securitization Fund in relation to the loan issue, which is up to GBP5 million in total.
The convertible notes are being issued at a 5% discount but are interest free and can be issued and subscribed in sequential tranches, the firm explained.
Chief Executive Officer Bobo Kuti said: "The convertible notes provide us with a flexible funding, giving us operational headroom as we continue to look at a number of potential assets and projects which meet the investment criteria for our offshore development strategy."
Furthermore, in a separate statement, Sirius said it is continuing to work with a third-party funder on a funding agreement for a work programme to be carried out on the Ejulebe field in Nigeria.
The company said it agreed to extend the initial 45 day period in which to complete a transaction to February 15.
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