Cloudbreak Regulatory News (CDL)

26 Jul 2006 18:30

Cardinal Resources plc26 July 2006 CARDINAL RESOURCES PLC ANNOUNCES AMENDMENT TO SILVER POINT CAPITAL INTEREST PAYMENTS LONDON - Wednesday, 26th July 2006 Cardinal Resources plc (AIM:CDL) ("Cardinal" or "the Company"), an independentoil and gas production and exploration company operating in Ukraine, todayannounces an amendment to its interest rate payments with Silver Point Capital(SPC). In December 2005, the Company announced a $38 million two-year bridge facilitywith SPC with a coupon rate of 15% per annum in the first six months, rising to20% per annum and then another 1% per annum for every quarter thereafter untilmaturity, payable quarterly in cash or with payment-in-kind notes. Subject toany necessary shareholder and regulatory approvals required, it is stillintended that the $38 million facility will be replaced with a five-year seniorPIK note facility. Pending receipt of such approvals and until further notice,SPC has confirmed that it will vary the terms of the earlier agreement andcontinue to charge a lower interest rate of 15% per annum. ### For further information please contact: Cardinal Resources Parkgreen CommunicationsKate Spiro Justine Howarth / Victoria Thomas+44 (0) 20 7936 5258 +44 (0) 20 7493 3713kspiro@cardinal-uk.com victoria.thomas@parkgreenmedia.com Notes to Editor Cardinal Resources plcCardinal Resources plc is an independent oil and gas company engaged in theacquisition, development, production and exploration of oil and natural gasproperties in Ukraine. Cardinal is an experienced operator in the countryfocused on expanding its existing operations through the farm-in or acquisitionof additional upstream oil and gas assets that can be further developed throughthe application of modern technology and expertise. This release may contain certain forward-looking statements. These statementsrelate to future events or future performance and reflect management'sexpectations regarding Cardinal's growth, results of operations, performance andbusiness prospects and opportunities. Such forward-looking statements reflectmanagement's current beliefs, are based on information currently available tomanagement and are based on reasonable assumptions as of this date. Noassurance, however, can be given that the expectations will be achieved. Anumber of factors could cause actual results to differ materially from theprojections, anticipated results or other expectations expressed in thisrelease. While Cardinal makes these forward-looking statements in good faith,neither Cardinal, nor its directors and management, can guarantee that theanticipated future results will be achieved. This information is provided by RNS The company news service from the London Stock Exchange