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Bahamas Petroleum secures up to £15 million funding agreement from asset manager
StockMarketWire.com
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Bahamas Petroleum said it had secured a funding agreement with an alternative asset manager that granted the company access to gross funding of up to £15 million.
Under the terms of a funding agreement, BPC would immediately receive gross proceeds of £7.5 million through the issue of 375 million shares at a price of 2.0p each.
Alongside the funding agreement, BPC has also entered into an option agreement, whereby BPC has an option, to raise up to a further £3.75 million from the investor within 10 business days after the spud of the Perseverance #1 well on substantially the same terms that will double the discretionary access that BPC has to the full £15 million.
'The transaction is consistent with BPC's funding strategy, and will enhance the company's overall funding capacity, including for the anticipated costs of work in Trinidad and Tobago and Suriname planned for 2021, and ongoing costs and expenses associated with the company's 100% owned and operated perseverance #1 well in The Bahamas,' BPC said,
At 9:32am: (LON:BPC) Bahamas Petroleum Company PLC share price was 0p at 3.44p
Story provided by StockMarketWire.com
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