LONDON (Alliance News) - Anglo African Oil & Gas PLC said Monday that it has drawn GBP1 million from the previously announced GBP5 million convertible loan note financing facility with Sandabel Capital LP.
The oil and gas developer said Sandabel has agreed to subscribe for unsecured loan notes pursuant to the terms of the subscription agreement.
Anglo African already has elected not to redeem these loan notes in accordance with the repayment schedule, and therefore Sandabel will receive conversion rights over the loan notes.
The company retains the right to elect to repay in cash some or all of any further subscription for loan notes should it choose to do so.
Shares in Anglo African were trading 13% lower at 7.20 pence each.