LONDON (Alliance News) - Gulfsands Petroleum PLC on Thursday said it has signed a secured term loan facility of up to GBP4.0 million with its major shareholders.
Gulfsands said the funds will be provided by Waterford Finance & Investment Ltd, with the remainder coming from Blake Holdings Ltd and ME Investments Ltd. Waterford owns a 37% stake in the company, Blake has a 31% stake and ME Investments has a 14% stake in Gulfsands.
The loan will carry a 7.0% annual interest rate, plus a 1.0% commitment fee on any undrawn parts of the facility.
The money will be used for general and administrative costs, Gulfsands said, and should provide sufficient funding through to the first half of 2018.
Gulfsands shares were up 7.1% to 11.37 pence on Thursday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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