AAOG.L

Anglo African Oil & Gas Plc
Anglo African O&G - Convertible Loan Facility
11th June 2020, 06:00
TwitterFacebookLinkedIn
To continue viewing RNS, please confirm that you are a Private Investor*

* A Private Investor is a recipient of the information who meets all of the conditions set out below, the recipient:

  1. Obtains access to the information in a personal capacity;
  2. Is not required to be regulated or supervised by a body concerned with the regulation or supervision of investment or financial services;
  3. Is not currently registered or qualified as a professional securities trader or investment adviser with any national or state exchange, regulatory authority, professional association or recognised professional body;
  4. Does not currently act in any capacity as an investment adviser, whether or not they have at some time been qualified to do so;
  5. Uses the information solely in relation to the management of their personal funds and not as a trader to the public or for the investment of corporate funds;
  6. Does not distribute, republish or otherwise provide any information or derived works to any third party in any manner or use or process information or derived works for any commercial purposes.
RNS Number : 5992P
Anglo African Oil & Gas PLC
11 June 2020
 

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 596/2014 ("MAR").

Anglo African Oil & Gas plc

("AAOG" or "the Company") 

Convertible Loan Facility

Anglo African Oil & Gas plc is pleased to announce it has entered into an unsecured convertible loan facility (the "Facility") with Riverfort Global Opportunities PCC Ltd (the "Lender") for an amount of up to £1,500,000 (the "Commitment Amount").

The key terms of the Facility are as follows:

·       First drawdown of £160,000 to be advanced to the Company today;

·       Further drawdowns of £100,000 per month (the "Drawdowns") to be mutually agreed between the Company and the Lenders up to the Commitment Amount;

·       Commitment fee of £7,500 added to the principal outstanding and convertible on the same terms;

·       Each Drawdown is interest free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms;

·       Each Drawdown shall be repayable 12 months from its issuance;

·       All Drawdowns and fees associated with them shall be convertible into ordinary shares in the capital of the Company ("Ordinary Shares") at the lower of:

o  135% of the 5 day volume weighted average price ("VWAP") per Ordinary Share on the date preceding the Drawdown;

o  the price at which AAOG issues any Ordinary Shares to persons other than the Lenders (the lower of the preceding two bullet points being the "Fixed Conversion Price"); and

o  91% of the lowest daily VWAP over the 8 trading days immediately preceding a notice of conversion.

·       The Company may redeem any amounts owed under the Facility earlier than the repayment date for a fee of 10% of the aggregate value of all Drawdowns still repayable. Such early redemption may only occur provided that the 5 day VWAP per Ordinary Share is less than the Fixed Conversion Price; 

·       The Lenders shall receive warrants to subscribe for such number of Ordinary Shares as is equal to 25% of each Drawdown with an exercise price at a 30% premium to the 5 days VWAP prior to such Drawdown, exercisable within 48 months from the date of issuance.

·       The Lenders undertake not to hold a net short position in respect of the Ordinary Shares for the duration of the Facility.

Any funds advanced under the Facility will be used to support the Company's ongoing working capital as it pays down creditors and seeks to secure reverse takeover opportunities in keeping with its status as an AIM Rule 15 Cash Shell.

Enquiries:

Anglo African Oil & Gas plc

info@aaog.com

Sarah Cope, Non-Executive Chair

 

 

 

finnCap Ltd (Nominated Adviser and Broker)

Tel: +44 20 7220 0500

Christopher Raggett, Giles Rolls, Teddy Whiley (Corporate Finance)

 

Camille Gochez (ECM)

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
MSCKKKBQFBKDBAD ]]>
TwitterFacebookLinkedIn