Roxi Petroleum secures additional debt facility of $5 million
Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, today declared
Roxi Petroleum, the Central Asian oil and gas company with a focus on Kazakhstan, today declared -
The signing of a new $5 million debt facility The conversion of $9.4 million of existing debt to 188,771,895 of Roxi shares at a price of 3.2p per share The extension of repayment dates until July 2013 for the remaining $10 million facility that will not be converted to equity The increase in the effective shareholding of Mr Kuat Oraziman from 46 per cent. to 62.7 per cent. In the interim statement released on 26 September 2011 the Company referred to the need to reduce the level of short term debt in the company while at the same time raising additional funds to continue development work at its BNG asset pending the signing of a replacement farm-out deal following the cancellation of the previous arrangements with Canamens.
The independent directors, other than Mr Oraziman, today announced that $9.4 million owed by Roxi to Mr Oraziman or companies associated with him has been converted into 188,771,895 of Roxi shares. This reduces the indebtedness to the company to more manageable levels and removes an annual interest burden of some $1.1 million.
Additionally Mr Oraziman has made available a new facility of $5 million principally to assist in the continued development of BNG and has extended the repayment date on the remaining $10 million facility until 2 July 2013.