SDX Energy PLC Update on Convertible Loan

RNS Number : 9502J

SDX Energy PLC

29 October 2024

 

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY SDX TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014 ("MAR"). ON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE ("RIS"), THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

29 October 2024

 

SDX ENERGY PLC ("SDX" or the "Company")

UPDATE ON CONVERTIBLE LOAN

As announced on 4 September 2024, the Company and Aleph Finance Ltd (the "Lender") signed a new agreement (the "New Facility Agreement") that would refinance the Company's syndicated unsecured convertible loan agreement with the Lender for up to US$3.25 million (the "Existing Convertible Loan") and, as announced on 26 September 2024, the Company and the Lender agreed to amend the terms of the New Facility Agreement (the "Amended Facility Agreement").

The Existing Convertible Loan is unsecured, convertible at any time at the option of the individual lenders and repayable on 24 July 2024, but the Company requested and the Lender consented and agreed to repayment now being delayed until 1 November 2024. The amount payable is US$3.82 million (principal US$3.25 million and interest US$0.57 million).

The Lender has confirmed that it has been funded by its sub-participants and, on or before 1 November 2024, will deliver a funding statement covering approximately US$4.5 million, which will be used to repay the Existing Convertible Loan. The remaining balance under the Amended Facility Agreement of approximately US$2.0 million will be available to the Company when the Lender confirms that this amount has been funded by its sub-participants and delivers a further funding statement covering this additional amount. The Company intends to draw this amount when it becomes available and to apply the proceeds towards capital expenditure in Morocco and general corporate creditors. The Loan will be available for drawdown within six months of the satisfaction or waiver of the conditions precedent under the Amended Facility Agreement.

For further information:

 

SDX Energy Plc Daniel Gould, Chief Executive Officer William McAvock, Chief Financial Officer Tel: [phone]
Shore Capital (Nominated Adviser and Broker) Toby Gibbs/Harry Davies-Ball Tel: [phone]
InHouseIR (Investor and Media Relations) Sarah Dees/Oliver Clark Email: [e-mail] Tel: [phone]

About SDX

For further information, please see the Company's website at www.sdxenergygroup.com or the Company's filed documents at www.sedar.com.

 

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