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AFRICA OIL ANNOUNCES POSITIVE AMENDMENTS TO ITS CORPORATE FACILITY
AFRICA OIL ANNOUNCES POSITIVE AMENDMENTS TO ITS CORPORATE FACILITY Canada NewsW...
About this update from Meren Energy Inc.
[{"type":"text","content":"\n \n \n \n AFRICA OIL ANNOUNCES POSITIVE AMENDMENTS TO ITS CORPORATE FACILITY\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Jan. 31, 2022\n \n /CNW/ - (AOI–TSX, AOI–Nasdaq-Stockholm)\n \n –\n \n Africa Oil Corp. (\"AOI\", \"Africa Oil\" or \"the Company\") is pleased to announce a number of positive amendments to its Corporate Facility.\n \n View PDF Version\n \n \n \n All lenders have approved increasing the available amount to\n \n $100 million\n \n from the current unutilised amount of\n \n $62 million\n \n , and extending the availability period to\n \n December 31, 2022\n \n , from\n \n May 13, 2022\n \n . The Corporate Facility maturity date of\n \n May 13, 2024\n \n , and interest margins are unchanged. The lenders have also waived certain conditions in support of the Company's plans to implement a shareholder returns program, and have agreed to release their security over the Company's shares in Africa Energy Corp., Eco (Atlantic) Oil & Gas Ltd. and Impact Oil and Gas Limited.\n \n \n The Corporate Facility was signed on\n \n May 13, 2021\n \n , for an amount of up to\n \n $150 million\n \n . The facility and commitments were subsequently increased to\n \n $160 million\n \n with\n \n $98 million\n \n drawn, to repay the Company's Term Loan arranged in\n \n January 2020\n \n , for the acquisition of a 50% shareholding in Prime Oil & Gas Cooperatief UA (\"Prime). The Company has repaid the balance of\n \n $98 million\n \n from the dividends received from Prime and is currently debt-free.\n \n \n Interest charges are unchanged with future drawn amounts incurring interest at rate of LIBOR plus a margin of: 6.5% until\n \n May 2022\n \n ; 7.0% from\n \n May 2022\n \n to\n \n May 2023\n \n ; and 7.5% from\n \n May 2023\n \n until maturity. The Corporate Facility can be utilised for general corporate purposes, subject to customary covenants.\n \n \n \n Keith Hill\n \n , Africa Oil's President and CEO, commented, \"The amended Corporate Facility provides us with standby...