PetroNeft Resources PLC - part-owner and operator of two licences in the west Siberian oil basin - Converts USD293,125 of debt, issued in 3 convertible loan agreements, into issue of 11.5 million new shares.
As a result, debt reduced to USD2.8 million from USD3.0 million, as issued shares grows to 1.057 trillion from 1.045 trillion.
"The conversion price of the shares being issued was at a premium to the share price on the dates that the terms of the loan agreements were agreed," company explains.
Current stock price: 3.45 pence
Year-to-date change: up sharply from 0.65p on December 31
By Paul McGowan; paulmcgowan@alliancenews.com
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