Business
Convertible Loan Notes Facility
Convertible Loan Notes Facility.
About this update from Upland Resources Ltd
[{"type":"text","content":"\n \nRNS Number : 0512H Upland Resources Limited 08 March 2018 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN\nThis announcement is not an offer for sale, or a solicitation of an offer to acquire, securities in any jurisdiction, including in or into the United States, Canada, Australia, or Japan. Neither this announcement nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.\n \n8th March 2018\nUPLAND RESOURCES LIMITED\n(\"Upland\" or the \"Company\")\nCONVERTIBLE LOAN NOTES FACILITY\nUpland Resources Limited (LSE: UPL), the oil and gas company actively building a portfolio of attractive upstream assets, is pleased to announce that it has received (and accepted) commitments, directly and without an intermediary, from private and institutional investors (the \"Facility Providers\") to subscribe for £3.5 million principal of unsecured, interest-free convertible loan notes (the \"Loan Notes\"). \nThe Loan Notes provide Upland with the ability to draw down appropriate sums at short notice, at times of the Company's choosing and with a near-zero execution cost, hence reducing dilution for existing shareholders. This will be a useful facility over the coming weeks and months as the Company expects to become increasingly active, principally through its participation in the drilling of the Wick well in Q3 this year; which although fully funded from existing cash resources allows flexibility towards over runs.\nTerms of the Convertible Loan Notes Facility \n\n\n\n\n●\n\n\nThe Facility Providers comprise Tune Assets Limited, Norza Zakaria (Chairman of the Company) and clients of Optiva Securities (corporate brokers to Upland).\n\n\n\n\n●\n\n\nThe £3.5 million principal of Loan Notes have been constituted and created pursuant to a loan note instrument dated 7 March 2018 executed by the Company.\n\n\n\n\n●\n\n\nThe commitments by the Facility Providers to subscribe for the Loan Notes (the \"Convertible Loan Notes Facility\") may be called upon by Upland at time(s) and amounts of its choosing, within the size and timeframe of the Convertible Loan Notes Facility.\n\n\n\n\n●\n\n\nUpland may also terminate any commitments under the Convertible Loan No...