Nice11 Mar 2024 07:11
Per the Company's announcement of 14 February 2024, the Company has signed a farm-out agreement with Selan Exploration Technology Limited (Selan) to transfer 50% of the Cambay PSC to Selan and awaits Government of India approval for the transfer, which will trigger the payment of US$2.5m to the Company.
In order to minimise equity dilution for shareholders, the Company has obtained loan funding from existing investors of GBP400,000 on commercial terms and on an unsecured basis.
Further, the Company has noted recent market speculation / rumours suggesting that the Company was completing an equity financing and can confirm the Company has no plans to finance the Company by way of equity at this current time.