Jubilant is pleased to announce that on June 3, 2014, it entered into a funding arrangement with Jubilant Energy (Holding) BV for an unsecured loan of USD 5 million (the "Loan"). The Loan has a tenor of one year and an interest rate of 6 months USD LIBOR plus 4.5% per annum. These funds will be used for funding the operations of the Group and it is anticipated that the Company will enter into further such loans in the near term
The Loan is deemed to be a related party transaction pursuant to AIM Rule 13. The Independent Directors of the Company, having consulted with its nominated adviser, consider that the terms of the Loan are fair and reasonable insofar as its shareholders are concerned.