Proceeds used to repay existing facilities; African Gas is investor
By Devika Patel
Knoxville, Tenn., Aug. 28 - Gasol plc said it has arranged a £2.5 million convertible loan facility with African Gas Development Corp. Ltd.
The 5% facility matures in one year and is convertible into shares at 0.55p, a 3.77% premium to the Aug. 27 closing share price of 0.53p. The loan may be repaid in cash or shares, at the company's option.
Proceeds will be used to repay existing facilities and provide working capital for the company to develop its projects.
Based in London, Gasol is an oil and gas company.
| Issuer: | Gasol plc
|
| Issue: | Convertible loan facility
|
| Amount: | £2.5 million
|
| Maturity: | One year
|
| Coupon: | 5%
|
| Conversion price: | 0.55p
|
| Warrants: | No
|
| Investors: | African Gas Development Corp. Ltd.
|
| Settlement date: | Aug. 28
|
| Stock symbol: | London: GAS
|
| Stock price: | 0.53p at close Aug. 27
|
| Market capitalization: | £7.98 million
|
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