LONDON (Alliance News) - CIP Merchant Capital Ltd on Friday said it subscribed for EUR4.1 million Tranche A Eurobonds issued by Coro Energy PLC for a total of EUR3.4 million.
Earlier on Friday, upstream oil & gas firm Coro Energy said it completed the issue of EUR22.5 million 3-year Eurobonds with warrants attached to key investors, raising cash proceeds of EUR19.2 million.
Coro will use the proceeds of the bond issue to conclude the acquisition of a 15% interest in the Duyung production sharing contract, offshore Indonesia.
Under the terms of the bonds, investment firm CIP will also receive 7.4 million warrants entitling it to subscribe, over the next three years, to 74.4 million Coro shares at 4 pence each.
Following this investment, CIP holds a 21% stake in Coro.
CIP shares were untraded at 68.50p, while Coro shares closed flat at 2.10p.
Coro Energy (CORO)