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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
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Equator Exp. | LSE:EEL | London | Ordinary Share | VGG3084F1282 | COM SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 20.50 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
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0 | 0 | N/A | 0 |
RNS Number:5698N Equator Exploration Limited 08 February 2008 FOR IMMEDIATE RELEASE - 8 February 2008 FOR: EQUATOR EXPLORATION LIMITED ("Equator" or "the Company") SUBJECT: Update on Loan repayment deferral and issue of equity to raise $1,172,160 On 17 December 2007, the Company announced that the repayment of an unsecured, short term working capital loan agreement for US$5 million had been deferred for a short period from the due date of 15 December 2007. In order to provide flexibility and additional working capital for the Company to meet its operational needs (including licence commitments due), Equator has now agreed with the lenders that the repayment date be deferred to 15 June 2008 and in a separate transaction, warrants attached to a US$5 million loan dated 6 September 2007 have been exercised under amended conditions. Under the terms of the US$5 million loan dated 6 September 2007 from certain private investors, the Company issued warrants over 8,375,000 shares at a price of £0.30 per share, exercisable for 2 years. As the condition for the lenders allowing the six-month deferral of repayment, the exercise price of the warrants has been reduced from £0.30 per share to £0.10 per share. All other terms remain unchanged. Further, the terms of a separate US$5 million loan from Mr Robert Gipson dated 5 June 2007 have been amended. In consideration for the lender agreeing to exercise immediately the 7,326,000 warrants granted by the Company and which could have been exercised over 2 years, the Company has agreed to a reduction in the exercise price from £0.35 per share to US$0.16 per share (equivalent to £0.081 at current exchange rates). Consequently, the Board has received and accepted a request from Mr Gipson to exercise the warrants, and accordingly will issue and allot 7,326,000 ordinary shares in the Company (the "Shares") for a purchase price of US$1,172,160. Application will be made for the Shares, which will rank pari passu with existing ordinary shares, to be admitted to trading on AIM. The effect is therefore to raise money by the issue of Shares at the current share price, thus eliminating the warrants. Related Party - AIM Rule 13 Mr Robert Gipson is a Senior Managing Director of Ingalls & Snyder LLC which currently holds 15.94 per cent of the issued common shares in the Company (15.3 per cent after this transaction). This shareholding comprises shares held on behalf of other parties including 7,743,000 on behalf of Mr Gipson. Following the exercise of the warrants, Mr Gipson will have beneficial ownership of 15,069,000 shares in the Company, or 8.25 per cent of the enlarged issued share capital. Accordingly, the transaction to accept the exercise of the warrants at the reduced price is being treated as a Related Party Transaction under the AIM Rules. The Board of Directors of the Company, all of whom are independent of Mr Gipson and Ingalls & Snyder, considers, having consulted with the Company's Nominated Adviser, that the terms of this transaction are fair and reasonable insofar as the shareholders are concerned. In respect of the deferral of the loan from the private investors, the Company has received assurances from Ingalls & Snyder that such parties are not related to or affiliated with that firm. In addition, and further to the announcement dated 17 December 2007, the discussions with a commercial bank for further working capital are continuing but have not yet been concluded. Enquiries: Equator +44 (0)207 235 2555 Philip Rand Chief Executive Officer Beaumont Cornish Limited (Nominated Adviser to Equator) +44 (0)207 628 3396 Roland Cornish Fox-Davies Capital Limited (Nominated Broker to Equator) +44 (0)207 936 5234 Richard Hail Buchanan Communications +44 (0)207 466 5000 Bobby Morse/Ben Willey Information on Equator Equator Exploration Limited engages in the exploration and development of oil and gas projects in highly prospective West Africa. Equator's objective is to build a diversified portfolio of exploration, appraisal and production assets in the region. The Company has exploration interests in the territorial waters of Nigeria and of Sao Tome & Principe as well as in the Joint Development Zone between the two countries. Additional information regarding the Company can be obtained from the Company's website. The Company's website can be accessed at www.equatorexploration.com. This information is provided by RNS The company news service from the London Stock Exchange END MSCQDLFBVLBZBBL
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