Boil about to Boil26 May 2016 06:39
With the funds secured, InfraStrata will be due to make its first repayment to Baron Oil on the first day of August this year. Baron Oil agreed to provide that short-term finance to InfraStrata to bridge the receipt of the EU funds.
Notably, Baron Oil has the option to convert the loan balance into a 15% equity interest in the Islandmagee project, which if exercised would be carved off pro-rata from InfraStrata, which currently has a 65% interest, and from its partner Moyle Energy Investments Ltd, which holds the other 35%.
Baron Oil released its own statement Wednesday noting InfraStrata's announcement.