Phoenix Global Resources PLC - independent oil and gas exploration and production company - Mercuria Energy Group Ltd agrees to extend the repayment date for the USD50.0 million bridging facility and interest to December 31, 2022 and also extends interest payment grace period to September 30, 2022. States first repayment date for the convertible facilities agreement was also delayed to December 31, 2022.
Notes, previously, Mercuria says it intends to provide financial support to company so that it can continue to operate and service liabilities. Explains these fell due on September 14 for a 12-month period. Adds that Mercuria also previously agreed to meet the company's cash needs and not demand repayment for loans.
Current stock price: 4.72 pence
Year-to-date change: down 12%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
Copyright 2021 Alliance News Limited. All Rights Reserved.