ADM Energy PLC (LON:ADME) has extended a loan that had been due to mature in August.
The £200,000 loan has been split in two, with £100,000 now due by December 21 2021 and £110,000, which includes interest, due by June 30 2022.
The company agreed to issue share warrants to the lender to secure the extension, with around 2.35mln warrants issued for each block. The warrants exercise into equity at a conversion price of 4.25p per share.
"The extension of the loan agreements further demonstrates the lenders confidence in ADM and our growth prospects as we continue our strategy of building a portfolio of assets to deliver value to shareholders,” said chief executive Osamede Okhomina.
ADM Energy is a natural resources investing company with an interest in the Aje and Barracuda fields in Nigeria.