Further to the announcement of 14 December 2020 (the Announcement ) of the Funding Agreements entered into by BPC, the Company wishes to advise of the following additional details pertaining to the Funding Agreements.
The counterparty to those Funding Agreements is 1798 Volantis Fund Ltd (the Investor ), a fund managed on a discretionary basis by Lombard Odier Asset Management.
As set out in the Announcement, as part of the terms of the Funding Agreements, on the earlier of (i) 60 days after the date of spudding of BPC s Perseverance #1 well in The Bahamas; (ii) 31 December 2021; or (iii) such other date where a reconciliation is permitted under the Funding Agreement (the Relevant Assessment Date ), BPC may be required to make a cash payment to the Investor to the extent that the Investor s aggregate return from a sale, if any, of those new ordinary shares has been less than 115% of the subscription price. BPC is only required to make a payment in the event the Investor sel
Bahamas Petroleum Funding Agreements for up to US$20 million
Bnamericas Published: Monday, December 14, 2020 You have reached your limit of free pageviews this month (5/5)
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Highlights:
· BPC has entered into agreements with a leading European alternative asset manager, under which BPC has the potential to access gross funding of £15 million (US$20 million)
· Under the terms of a funding agreement entered into, BPC will immediately receive gross proceeds of £7.5 million (US$10 million) through the issue of 375,000,000 new ordinary shares at a price of 2.0p each ( Funding Agreement )
· Alongside the Funding Agreement, BPC has also entered into an option agreement, whereby BPC has an option, at its sole discretion, to raise up to a further £3.75 million (US$5 million) from the Investor within 10 business days after the spud of the Perseverance #1 well on substantially the same terms; if BPC so elects, the Investor has the option to double that amount, thereby providing BPC discretionary access to the full £15 million (US$20 million) ( Funding Option Agreement )