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LONDON (Alliance News) - UK-focused oil & gas company i3 Energy PLC said Friday its the term of its convertible loan notes has been extended to the end of October.
The holders of the unsecured notes, which are worth GBP521,456, have agreed to amend their maturity date from this Saturday to the end of October. i3 said the extension will allow the company to focus resources toward its Liberator development in the North Sea.
"All other terms of the convertible loan notes remain unchanged as originally disclosed in the company's admission document, being principally that the notes will be redeemed by the company at 135% of par at maturity. Alternatively, noteholders have the option to convert their notes at any time prior to maturity at USD0.54 per ordinary share," i3 said in a statement.
More than half of the loan notes are held by company directors Richard Ames and Neill Carson. Ames holds GBP155,032 worth of notes while Carson holds GBP112,782 worth.
Shares in i3 Energy were up 1.6% at 114.75 pence on Friday.