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Tethys Petroleum provides update on US$7.5 million convertible debenture


Published Nov 26, 2015
Tethys Petroleum Limited-2

Tethys Petroleum Limited has received an Accelerated Repayment Notice from AGR Energy Limited No 1 (AGR Energy) in relation to the unsecured convertible debenture issued by Tethys to AGR Energy on 15 May 2015 (Convertible Debenture) notifying the Company of events of default and demanding repayment of the principal amount of US$7,500,000 and accrued interest of US$443,984.

As announced by the Company on November 19, 2015, it has entered into an interim convertible financing facility of up to US$15 million (the "Interim Financing Facility") with Olisol Petroleum Limited (OPL), a wholly owned subsidiary of Olisol Investments Limited, part of the proceeds of which are to be used to repay the Convertible Debenture.

Tags: AGR Group, Tethys Petroleum Limited




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