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Reabold Resources offers £1m convertible loan to Corallian Energy
StockMarketWire.com
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Oil company Reabold Resources said it had entered into a conditional convertible loan instrument that would see it advance £1 million to Corallian Energy.
The convertible loan was conditional on Corallian receiving the consent of 75% or more of its shareholders.
Reabold had an existing 36.9% shareholding in Corallian, which it confirmed can count towards the 75% threshold.
Corallian would use the proceeds to support workstreams related to the submission of a draft field development plan for the Victory gas field.
The convertible loan, including interest at a rate of 15% per annum would convert into Corallian share within 21 months from the date of instrument.
At 9:06am: (LON:RBD) Reabold Resources Plc share price was 0p at 0.58p
Story provided by StockMarketWire.com
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