SDX Energy PLC Convertible Loan Agreement (3968H)
27 Juillet 2023 - 8:15AM
UK Regulatory
TIDMSDX
RNS Number : 3968H
SDX Energy PLC
27 July 2023
27 July 2023
SDX ENERGY PLC ("SDX" or the "Company")
FUNDING TO ACCELERATE CORPORATE DEVELOPMENT AND MOROCCAN GAS
PRODUCTION
-- Drilling campaign underway to increase Moroccan production on higher gas pricing
-- Complementary energy transition opportunities being explored
with funding partners that leverage existing Moroccan footprint
-- Company continues to evaluate the proposals received for its Egyptian assets
SDX is pleased to announce that, following the securing of
higher gas prices, the Company has secured financing to expand its
Moroccan gas production. The syndicated convertible loan agreement
with Aleph Finance Ltd for up to $3.25 million (the "Convertible
Loan") of which an initial amount of $2 million has been drawn and
will be immediately used to reduce outstanding debt to the European
Bank for Reconstruction and Development ("EBRD"), pay critical
service providers to accelerate the Moroccan drilling campaign and
for general corporate purposes. The Convertible Loan enables the
Company to move the business forward, towards an energy transition
strategy, as it continues with the process to sell its Egyptian
assets with a view to deliver value to shareholders.
The syndicated Convertible Loan is unsecured, convertible at any
time at the option of the individual lenders and repayable 364 days
after the initial drawdown of the Convertible Loan is made. The
conversion price is approximately 4.5 pence per Ordinary Share (or,
if lower, the lowest issue price for any Ordinary Shares issued
during the life of the Convertible Loan). If conversion occurs
within ten business days of maturity, the conversion price is
approximately 6.6 pence per Ordinary Share.
Interest of SOFR+15% on the Convertible Loan will be payable on
a quarterly basis with an option for payment in kind, upon mutual
agreement by the borrower and lenders.
Daniel Gould, the Managing Director, commented:
"Our vision for SDX is to become the leading energy provider in
Morocco, delivering combined gas and renewable energy solutions to
our existing and growing customer base. SDX is uniquely positioned
to leverage its long presence and infrastructure in Morocco to
execute this vision. In order to deliver on this vision, the
Company will access a wider capital market for the renewable
projects, which may be financed on a standalone basis."
**ENDS**
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED
UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION NO 596/2014
WHICH IS PART OF ENGLISH LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL)
ACT 2018, AS AMENDED. ON PUBLICATION OF THIS ANNOUNCEMENT VIA A
REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
For further information:
SDX Energy Plc
Daniel Gould, Managing Director
William McAvock, Chief Financial
Officer
Tel: +44 (0) 20 3219 5640
Shore Capital (Nominated Adviser and Broker)
Toby Gibbs/Iain Sexton
Tel: +44 (0) 20 7408 4090
Camarco (PR)
Billy Clegg/Owen Roberts/Violet Wilson
Tel: +44 (0) 20 3757 4980
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRUBANROUUBURR
(END) Dow Jones Newswires
July 27, 2023 02:15 ET (06:15 GMT)
Sdx Energy (LSE:SDX)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Sdx Energy (LSE:SDX)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024