RE: LO banked a million Pounds profit29 Jan 2021 21:01
Jdam that agreement has changed since then
"As noted above, under the terms of agreements entered into on 14 December 2020 with an institutional investment fund managed by Lombard Odier Asset Management (the "Investor), BPC was granted an option to place a further fixed number of shares to the Investor, to raise up to a further £3.75 million (US$5 million) (the "Put"). If the Put is exercised, the Investor has the option to double the amount the subject of the Call on the same terms and conditions (the "Call"). As advised on 7 January 2021, the parties had agreed that the last date for exercise of the Put by BPC is 13 January 2021.
BPC has today exercised the Put, such that BPC will issue 187,500,000 new ordinary shares of 0.002p each, at a price of 2.0 pence each, for immediate gross proceeds of approximately £3.75 million (US$5 million). This additional issuance represents approx. 3.5% of BPC's fully diluted share capital. The Investor now has until the earlier of (a) the date of BPC's RNS announcement of the result of the Perseverance #1 well results, and (b) 12 February 2021, to exercise the Call, failing which the Call lapses.
Consequent on the exercise of the Put by BPC, the Investor will also be issued with warrants, valid for one year, to subscribe for a further 46,875,000 shares at a price of 3.0p per share and a further 46,875,000 shares at a price of 4.0p per share. As previously advised, in respect of shares issued pursuant to the Call or Put, the reconciliation date for any potential future payment to the Investor by BPC is 16 April 2021."
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