Business
Redemption of remaining Arato Loan Notes & Placing
Redemption of remaining Arato Loan Notes & Placing.
About this update from Predator Oil & Gas Holdings Plc
[{"type":"text","content":"\n \n \n RNS Number : 9521M\n Predator Oil & Gas Holdings PLC\n 14 May 2020\n \n \n \n \n FOR IMMEDIATE RELEASE\n \n \n 14 May 2020\n \n \n \n \n \n Predator Oil & Gas Holdings Plc / Index: LSE / Epic: PRD / Sector: Oil & Gas\n \n \n Predator Oil & Gas Holdings Plc\n \n \n (\"Predator\" or the \"Company\" and together with its subsidiaries \"the Group\")\n \n \n \n \n \n \n Redemption\n \n \n \n of remaining Arato Global Opportunities LLC (\"Arato\") Loan Notes \n \n \n \n \n and\n \n \n Placing to raise £0.448million\n \n \n \n \n \n \n Predator Oil & Gas Holdings Plc (PRD), the Jersey-based Oil and Gas Company with operations in Trinidad, Morocco and Ireland is pleased to announce that it has conditionally placed\n 22,438,842\n \n new ordinary shares of no par value in the Company (the \"Placing Shares\") at a placing price of 2 pence each (the \"Placing Price\") to raise £0.448million (before expenses) (the \"Placing\").\n \n \n The Placing was significantly oversubscribed and utilises all of the Company's existing headroom shares under the Financial Conduct Authority restrictions for companies\n on the Official List (standard listing segment) of the London Stock Exchange's main market for listed securities\n .\n \n \n Novum Securities are acting as placing agents to the Company.\n \n \n Settlement in full of outstanding Arato Convertible Loan Notes\n \n \n The well-capitalised position of the Company combined with significant operational progress towards generating revenues from the CO2 EOR project in Trinidad, has created the opportunity to settle in full the outstanding Arato Convertible Loan Notes. Eliminating debt potentially strengthens the near-term growth prospects of the Company as COVID-19 restrictions are gradually relaxed.\n \n \n The Company has \n given an irrevocable notice to repay the remaining £746,000 of the Loan Notes (the Outstanding Principal) together with redemption fees (together, the Redemption Monies) on or before 15 May 2020. Arato have agreed to accept the Redemption Monies in cash.\n \n \n Redemption Monies will be funded from the Placing and from utilising some cash resources from the Company's well-capitalised balance sheet.\n \n \n Impact on working capital requirements\n \n \n The successful and ...