The Board of Sirius says that it is progressing discussions for a US$15m convertible loan (the "Convertible Loan") with a Dubai-based energy focused investment firm (the "Potential Investor"). The Potential Investor has begun its standard due diligence process.
The Board is also in final stages of completing a fundraising of up to US$15m of equity funding from new and existing shareholders (the "Equity Fundraising"), the majority of whom had participated in the conditional placing and subscription referred to below. Commitments for a total of US$11.75m have been received by the close of business on 6 November 2014. The Convertible Loan and the Equity Fundraising are inter-conditional, and combined, will provide up to US$30m to enable the Company to proceed with its development plan.
On 16 October 2014 the Company announced that it had provisionally raised circa US$20m by way of a conditional placing and subscription and that it was seeking to raise Further Funding to enable it to put its Ororo oil and gas field into production.