Serinus Energy Inc. has signed two loan agreements in the aggregate amount of USD 60 million (the "Financing") with the European Bank for Reconstruction and Development (the "EBRD"). The Financing will assist the Company in funding the capital program being planned for its recently acquired oil and gas fields in Tunisia.
◾ The Financing consists of two loans, one in the amount of $40 million (the "Senior Loan") and the second in the amount of $20 million which can be converted in to shares of the Company (the "Convertible Loan")
◾ The Senior Loan can be drawn in 2 tranches of $20 million each and carries an interest rate of Libor plus 6%
◾ Some or all of the Convertible Loan can be repaid with, or converted into common shares of the Company at the then current market price of the shares.