LONDON (Alliance News) - MX Oil PLC on Thursday said it has raised GBP1.3 million through an initial subscription of secured, convertible loan notes.
The fundraising comes after MX Oil on Wednesday said it was in the process of structuring secured, convertible loan notes to raise up to GBP4.0 million in several rounds.
The loan notes will pay a coupon of 12% per annum and are convertible, at the election of holders, into shares of the company at a price of 4.5 pence per share.
"Having secured GBP1.3 million of debt funding on sensible terms, we are in a strong position to fund our investment in Nigeria and to progress our activities in Mexico. With our two countries of interest providing significant news flow over the next few months, 2016 is set to be a transformational year for the company," Chief Executive Stefan Olivier said in a statement.
Shares in MX Oil closed down 13% at 0.186p on Thursday.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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