Sirius Petroleum has now entered into a non-binding term sheet with Levant Energy Limited ("Levant" or the "Lender") for a Convertible Loan of $15,000,000 (the "Loan").
When agreed, the Loan will have a one year term and the Company has agreed a conversion price of 3 pence per share with an annual interest rate of 15 per cent.
The Lender has the option to convert the Loan in part or in full, at any time during the period of the Loan. The Loan is subject to the completion of due diligence by the Lender, which is on-going. Sirius is working with Levant Energy to execute a definitive Loan Agreement by 16 December 2014. It should be noted that there is no guarantee that a definitive agreement will be entered into.