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Curzon Energy agrees to issue secured loan notes to high net worth investors

The firm said the proceeds would be used for working capital and to finalise negotiations and documentation associated with its planned involvement in Pared Energy’s Texas gas project

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Curzon said it would also issue the investors with warrants over 1mln shares

Curzon Energy PLC (LON:CZN) has agreed to issue secured loan notes of up to £200,000 to high net worth investors.

The oil and gas firm said the proceeds would be used for working capital and to finalise negotiations and documentation associated with its planned involvement in Pared Energy’s Texas gas project.

READ: Curzon Energy looks ahead as a “leaner and more focused” business

The notes will yield 13% per annum, with payment due on 1 October 2019, and carry a 5% redemption fee. The notes are secured on Curzon’s interest in the Coos Bay coal bed methane project.

The group added that it would also issue the high net worth investors warrants over 1mln shares, exercisable at 2p each over an 18-month period.

Scott Kaintz, chief executive of Curzon, said the loan facility would assist the company in “bringing to fruition several months of work in laying the foundations for participation in the Texas Gas Project with Pared Energy”.

In mid-afternoon trading on Thursday, the shares were down 2.8% at 1.4p.

Quick facts: Curzon Energy PLC

Price: 0.65 GBX

LSE:CZN
Market: LSE
Market Cap: £539.71 k
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