Barryroe Offshore Energy PLC (AIM:BEY, OTC:PVDRF) has announced that an agreement has been made between itself, examiner Interpath Advisory and a shareholder for investment into the oil company.
Just over €1 million will be made available to Barryroe by Lorsden (Jersey) Ltd in return for newly issued shares, the company said on Monday.
An advanced loan of €300,000 to allow for restructuring has also been agreed, with Lorsden committing a further €5 million once an appropriate business plan is in place.
Lorsden is the parent of Vevan Unlimited Company, which is a majority shareholder in Barryroe.
“The proposals will be put to meetings of creditors and members and are subject to confirmation by the (Dublin) High Court,” Barryroe said, having been placed into examinership in July.
Under the proposals, all existing, allotted and to-be-issued share capital in Barryroe will be cancelled, while the company’s board of directors will step down by late November.