16th Mar 2015 08:17
LONDON (Alliance News) - Sirius Petroleum PLC shares were lower on Monday morning after the company said it is still working towards completing its GBP9.6 million convertible loan with Nima International Ltd and has extended the completion date for the deal.
Sirius said it is continuing to work closely with Nima and its advisers to reduce the number of outstanding items relating to security documents which need to be agreed before the loan deal can be completed.
Sirius said it and Nima have mutually agreed to extend the completion date for the deal to April 30 from March 16, adding that while it remains confident it will complete the agreement, there is no guarantee the loan will occur.
"We are working with Nima to conclude this as soon as possible in order to proceed with our plans to bring our first asset into production," said Sirius Chief Executive Bobo Kuti.
Sirius shares were down 16% to 1.275 pence on Monday, one of the worst performers in the AIM All-Share index.
By Sam Unsted; [email protected]; @SamUAtAlliance
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