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SacOil shares lifted as it unveils bridging loan facility

Shares in Africa-focused oil junior SacOil (LON:SAC) moved higher as it said it is to receive a bridging loan of $20.5 million so it can fulfil its financing obligations.

Shareholder Public Investment Corporation (SOC), which holds 16.59% of the firm, has agreed to advance the funds.

The loan has been advanced to SacOil at a rate of interest linked to the 3 month Johannesburg Interbank Agreed Rate and is repayable by the  end of January next year.

It is expected to be repaid through the issue of rights offer shares to the PIC at R0.27 per SacOil share.

As reported in September this year, SacOil is raising additional capital of up to R570 million (around £36.2mln) through a rights offer of around  2.1billion shares at a price of R0.27 per share. PIC is supporting the issue to the tune of around R329mln.

SacOil shares rose 3.51% to 1,475p.

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