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(Sharecast News) - Corcel updated the market on its unsecured convertible loan note facility on Friday.
The AIM-traded firm said the facility, with a potential extension of £10m in funding, carried a 12% interest rate per annum and offered conversion into new ordinary shares over the three-year lifespan of the notes, at a fixed price of £0.008.
To date, £1m had been drawn down from the facility, with £0.25m of that amount subsequently converted into equity, as confirmed in an announcement on 2 January.
Corcel said it was currently in discussions with the lender, Extraction, regarding the quantum and timing of the next drawdown against the facility.
The company said it would provide updates regarding the discussions in due course, adding that it expected the proceeds from the drawdown to be used to support its ongoing activities in the Kwanza Basin, Angola.
Corcel noted that Extraction is 45% owned by Antoine Karam, the company's executive chairman.
At 1143 GMT, shares in Corcel were down 5.88% at 0.8p.
Reporting by Josh White for Sharecast.com.
