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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Greka (DI) | LSE:GDL | London | Ordinary Share | KYG411101002 | ORD USD0.00001 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.30 | 1.10 | 1.50 | 0.00 | 00:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMGDL
RNS Number : 4467K
Greka Drilling Limited
21 September 2016
21 September 2016
Greka Drilling Limited
("Greka Drilling" or the "Company")
Debt financing
Greka Drilling Limited (AIM: GDL), the largest independent and specialised unconventional oil & gas driller in Asia, announces that it has secured a further US$3 million in loan financing from Guaranty Finance Investors LLC ("GFI"), the proceeds of which it expects to use for working capital purposes. The first US$1.5 million tranche of the loan has been received, and the second tranche of the same amount will be paid to the Company by 28 October 2016. The loan, on which interest is payable at the rate of 7% per annum, is repayable on 30 September 2019 and is unsecured (although first priority would be granted to the GFI loan if the Company created any security over its drilling rigs in relation to other indebtedness).
As part of the financing, the Company has agreed to issue GFI with warrants to subscribe for a total 21,000,000 new ordinary shares in the Company (10,500,000 on the receipt of each tranche of the loan) at an exercise price of 5p per share, representing a premium of 67% to the Company's closing share price on 20 September 2016. The warrants are exercisable at any time between 30 September 2017 and 30 September 2019. At any time after 30 September 2017 the Company may elect to prepay the loan, provided that the amount repaid (including interest paid previously) would provide GFI with a total annual return of 25%; any such prepayment would be deemed to have redeemed the warrants in lieu of issuing new shares. In the event the Company elects not to pre-pay, the cost of capital for the loan facility would be 7%.
Mr. Randeep S. Grewal, Chairman of Greka Drilling commented:
"The timely financing provides the Company with the needed working capital to re-commence drilling operations in China and support the continued operations in India. In this challenging oil & gas services market, we are appreciative of the continued timely support from GFI."
For further information on Greka Drilling, please refer to the Company's website at www.grekadrilling.com or contact:
Sarah Lowther Media Relations +44 (0)20 7016 Greka Drilling 9829 Dr Azhic Basirov / David Jones / Ben Jeynes Nominated Adviser and Broker +44 (0)20 7131 Smith & Williamson 4000
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKDDBKBKDOCB
(END) Dow Jones Newswires
September 21, 2016 06:28 ET (10:28 GMT)
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