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Jupiter Energy raising US$6.5mln in convertible loan deal

Jupiter Energy raising US$6.5mln in convertible loan deal

Kazakhstan-focused oil explorer and producer Jupiter Energy (LON:JPRL, ASX:JPRL) has revealed it is raising US$6.5mln via a convertible loan note issue.

The term of the debt is three years, carries a 12% coupon and has a conversion price of US1.25 a share. 

It is being provided by Mid Ocean, Mobile Energy, major shareholder Waterford Petroleum and other private investors. 

A US$3mln tranche of the new cash will be used to repay a promissory note provided by Mobile, leaving $US3.305mln to fund remedial work on well J-53 and further testing of J-59.

However, the bulk, around US$2.8mln, is available as “general working capital”.

The group has thus far raised around US$15.5mln issuing convertible notes.

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Jupiter Energy Limited Timeline

September 16 2013

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