Global Energy Developments (LON:GED) – CORP: Note receivable update
Market Cap: £11m; Current Price: 30.8p
Amendment to Everest bridge financing note
Global Energy Developments and HKN Inc have amended the terms of the secured bridge financing note with Everest Hill Energy Group, the original terms were announced 16/09/15.
Under the amended terms Global has loaned an additional US$2m to Everest with HKN and Global extending the maturity date by six months to 15/09/16 for the total US12m loan. Global and HKN have also been given a first right of refusal to purchase certain offshore oil service vessels owned by Everest and its affiliates.
The amended note continues to have an interest charge of 12% per annum, payable in monthly arrears and Everest has also payed Global a 2% transaction fee of US$40,000. The note continues to be secured by all of Everest’s and its subsidiaries holdings in Global and HKN securities.
Everest is an affiliated company of the Quasha family trusts that have an interest in Lyford Investments Inc an existing shareholder in Global. HKN, Lyford and parties acting in concert hold 22,553,406 shares (62.455) in Global.
Premier African Minerals (LON:PREM) – SPECULATIVE BUY*: Subscription
Market Cap: £10m; Current Price: 0.65p
Subscription for £0.5m
Premier African Minerals has received a direct subscription for £0.5m.
Prem has issued 100,000,0000 shares at 0.5p per share.
Following the issue of new shares the Company has 1,739,547,103 shares outstanding.
NORTHLAND CAPITAL PARTNERS VIEW: The £0.5m raised in this subscription will be used to support existing project development and general working capital in the period leading up to achieving positive operational cash flow from the RHA Tungsten Mine. The funds raised may also be used to expand the Company’s asset base with a focus on projects that have new-term production potential.