Business
Statement re Interest Payment
Statement re Interest Payment.
About this update from Cloudbreak Discovery Plc
[{"type":"text","content":"\n Cardinal Resources plc\n26 July 2006\n\n\nCARDINAL RESOURCES PLC ANNOUNCES AMENDMENT TO SILVER POINT CAPITAL \nINTEREST PAYMENTS\n\nLONDON - Wednesday, 26th July 2006\n\nCardinal Resources plc (AIM:CDL) ('Cardinal' or 'the Company'), an independent\noil and gas production and exploration company operating in Ukraine, today\nannounces an amendment to its interest rate payments with Silver Point Capital\n(SPC).\n\nIn December 2005, the Company announced a $38 million two-year bridge facility\nwith SPC with a coupon rate of 15% per annum in the first six months, rising to\n20% per annum and then another 1% per annum for every quarter thereafter until\nmaturity, payable quarterly in cash or with payment-in-kind notes. Subject to\nany necessary shareholder and regulatory approvals required, it is still\nintended that the $38 million facility will be replaced with a five-year senior\nPIK note facility. Pending receipt of such approvals and until further notice,\nSPC has confirmed that it will vary the terms of the earlier agreement and\ncontinue to charge a lower interest rate of 15% per annum.\n\n###\n\nFor further information please contact:\n\nCardinal Resources Parkgreen Communications\nKate Spiro Justine Howarth / Victoria Thomas\n+44 (0) 20 7936 5258 +44 (0) 20 7493 3713\[email protected] [email protected]\n\nNotes to Editor\n\nCardinal Resources plc\nCardinal Resources plc is an independent oil and gas company engaged in the\nacquisition, development, production and exploration of oil and natural gas\nproperties in Ukraine. Cardinal is an experienced operator in the country\nfocused on expanding its existing operations through the farm-in or acquisition\nof additional upstream oil and gas assets that can be further developed through\nthe application of modern technology and expertise.\n\n\nThis release may contain certain forward-looking statements. These statements\nrelate to future events or future performance and reflect management's\nexpectations regarding Cardinal's growth, results of operations, performance and\nbusiness prospects and opportunities. Such forward-looking statements reflect\nmanagement's current beliefs, are based on information currently available to\nmanagement and are based on reasonable assumptions as of this date. No\nassurance, however, can be given that the expectations will...