It has also issued 7.5mln of new shares and US$1mln of convertible loan notes to its largest shareholder Labro Investments in connection to the part of the debt that it refinanced.
Labro’s shareholding increases to 211mln new shares, equivalent to 39.67% of the company’s share capital – and 40% if loan notes are fully exercised.
Chairman Martin Anderson is indirectly and beneficially interested in the majority of shares of Labro, Chaarat noted.
Anderson already holds around 5.8mln Chaarat shares and if he acquires all the shares to which he may become entitled, including his company share options, he would hold around 44% of the company’s share capital.
Earlier this month, Chaarat chief executive Artem Volynets in a statement said: "We appreciate the strong support from our major shareholder, Labro, and the continued support from the existing lender.”
“This refinancing and extension of the maturity of the debt is another key milestone in optimising the balance sheet of our company. It is a reflection of the progress the company has made since the original loan was granted with the transformation from an exploration to a producing company. The maturity extension provides headroom to repay this debt financing at a point in time when Chaarat has grown further organically and potentially also through M&A," he added.