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Caspian Energy drawdown under previously announced loan agreement


Published Jul 21, 2014
Caspian Energy

Caspian Energy Inc. has drawn down and received U.S.$1.5 million under the loan agreement (the "Loan Agreement") that it entered into and announced on July 7, 2014 with its principal shareholders, Meridian International Capital Fund (Meridian) and Firebird Global Master Fund Holdings, Ltd. and Firebird Avrora Fund, Ltd. (collectively, "Firebird").

As previously announced, interest is payable on the outstanding amounts under the Loan Agreement at an annual rate of 12% per annum. The principal outstanding and any interest accrued thereon is payable on the earliest of (i) the later of November 30, 2014 and the termination of discussions in respect of a further transaction specified in the Loan Agreement, (ii) after the execution and delivery of a binding agreement with respect to such further transaction, the termination or non-fulfilment of any conditions specified in such binding agreement, and (iii) the occurrence of an event of default under the Loan Agreement. Notwithstanding the foregoing, all accrued interest will be forgiven in the event that the full principal amount outstanding is converted to equity prior to the repayment date.

Tags: Caspian Energy Inc.




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