Conversion of Debt

RNS Number : 3696J

Petroneft Resources PLC

23 August 2021

 

August 23^rd 2021

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

PetroNeft Resources plc

("PetroNeft" or the "Group" or the "Company")

Conversion of debt

PetroNeft (AIM: PTR) an oil & gas exploration and production company, operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of Licence 67 and 50% owner and operator of Licence 61, announces that it has received notice to convert a total of $293,125 of debt, issued under 3 historic convertible loan agreements, for the issuance of 11,475,840 new Ordinary shares.

The conversion of this debt to shares will result in the outstanding convertible debt being reduced from $3.044 million to $2.750 million and an increase in the total number of issued shares in the Company from 1,045,235,387 to 1,056,711,227.  The   conversion price of the shares being issued was at a premium to the share price on the dates that the terms of the loan agreements were agreed.

Application will be made to the London Stock Exchange and Euronext Dublin for the 11,475,840   PetroNeft ordinary shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission to trading on each exchange will become effective and that dealings in the New Ordinary Shares will commence on AIM and Euronext Growth at 8.00 a.m. on 26^th  August 2021.

For further information, contact:

David Sturt, CEO, PetroNeft Resources plc	[phone]
John Frain/Ciara O'Mongain, Davy (NOMAD and Broker)	[phone]
Joe Heron / Douglas Keatinge, Murray Consultants	[phone]

 

END

 

 

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