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(Alliance News) - Ascent Resources PLC said on Friday it has extended the maturity of its outstanding loan obligations.
The London-based oil and gas exploration company focused on projects in Europe said the extensions will provide a runway for the continuing execution of its environmental, social and governance strategy related to metals. ESG metals is a method of low-cost sustainable metal production from legacy mining waste.
Ascent Resources said it has repaid GBP105,000 of the debt owed to Riverfort Global Capital Ltd, reducing its outstanding debt to GBP270,020. Riverfort has agreed to extend the maturity of this loan so that it is repayable in six equal monthly cash instalments of GBP45,003 per month commencing on February 14, 2023, with the loan being redeemed in full by July 14 2023.
Ascent Resouces had entered into a GBP500,000 loan facility, announced at the start of December, of which a balance of GBP250,000 plus 8% coupon currently remains owed to Riverfort. The outstanding balance was due to mature on December 31, however Riverfort has agreed to extend the maturity date by one year.
All other amounts borrowed under this facility had already been repaid via the exercise of the 7.5 pence warrants that were issued to the investors at the same time.
As part of the loan maturity extension agreements with Riverfort, Ascent Resources has agreed to issue the company with 3.6 million new equity warrants, exercisable at 7.5p per new warrant share at any time over the next two years.
Ascent Resources shares were down 2.5% at 3.78p on Friday morning in London.
By Heather Rydings; heatherrydings@alliancenews.com
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