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18 Oct 2019 07:00
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.
18 October 2019
Curzon Energy Plc("Curzon" or the "Company")
Loan Facility Refinancing
Curzon Energy plc (LON:CZN) the London Stock Exchange listed oil and gas development company, pursuing a targeted strategy of upstream North American natural gas appraisal and development assets, announces that it has agreed to refinance its outstanding secured loan notes of £200,000.
The Company has agreed with the lenders to capitalize the interest and fees to date into a new principal amount of £216,553 as of 1 October 2019. The interest rate is to remain the same at 13% per annum, with interest now due monthly on the new outstanding principal amount.
The loan is to be repaid on the sooner of a transaction involving the Company's interest in Coos Bay Energy, a fundraising greater than £500,000 or 31 December 2019. The lenders retain the option to be repaid in shares provided the Company has adequate authorization in place for such an issuance.
The existing warrants over 1,000,000 shares in the Company are to be extended to 1 October 2022 and will be repriced to a 10% premium over any future funding undertaken by the Company.
For further information please contact:
Curzon Energy Plc | +44 (0) 20 7747 9980 |
Scott Kaintz | |
www.curzonenergy.com | |
SP Angel Corporate Finance LLP | +44 (0) 20 3470 0470 |
Richard Hail | |
Stephen Wong | |
Optiva Securities Limited | +44 (0) 20 3137 1902 |
Christian Dennis |
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