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LONDON (Alliance News) - i3 Energy PLC on Monday said it entered into a term sheet for a GBP24 million junior secured loan note facility with warrants.
A European investment manager has agreed to subscribe for GBP12 million of the loan notes and, based on offers received, the company expects the remainder of the notes to be issued to one or more syndicate members and/or offtake providers.
The facility will have a four-year term with a coupon of 8% per year.
Once drawn, the proceeds of the facility will be used by the company to partially fund the its planned 2019 appraisal and development drilling programme, currently expected to cost GBP32 million.
i3 Energy shares were trading down 12% at 48.50 pence each.