TXO partakes in JV and invests further in Grand Bahama Group – MoneyWeek

2020年3月25日 at 下午10:24

ThejointventurehasformedasanewindependentexplorationandproductioncompanytotakeonandcontinuewiththeTasmaniaonshoreexplorationactivitiescarriedouttodatebyEmpireandGreatSouthLandMineralsundertheoilandgasexplorationlicenceEL14/2009。

ThecompanyalsocompletedafurtherinvestmentinGrandBahamaGroup(GBG)inwhichitwillpurchasefurthersharesfor£0。

35m,equaltoafurthershareholdingof6。

54%,takingitsstaketo23。

64%。

Thecompanyhasalsorenegotiatedthetermsofanoptiontoinvestafurther£2。

615minGBGinreturnforadditionalordinarysharesinthefirm。

TheoptionexpiresDecember31st2012andifexercisedwouldincreaseTXOstotalholdinginGBGto43。

18%。

FortheperiodfromJanuary1sttoSeptember12th2012GBGrecordedalossof$433,850onturnoverof$291,643andhadnetassetsof$337,662attheperiodend。

TXOalsosaidthatithasreceivedfullrepaymentoftherecentunsecured£49,000and£10,000loansitmadetoGBG。

Inanotherannouncement,thefirmsaidthatithasissuednewconvertibleloannotestotalling£540,517,resultingintotalgrossproceedsof£278,850。

Themajorityoftheexistingloannoteholdershaveagreedtoincreasetheirinvestmentsby50%bysubscribingforthenewloannotes。

TXOhasamendedthetermsoftheexistingloannotesfortheseholdersbyreducingtheconversionratefrom0。

75pperordinaryshareto0。

23p,andextendingthetermtoDecember31st2013。

Theboardalsoapprovedtheissueof£261,667ofnewloannotestoahighnetworthinvestorandsomecreditorsanddirectorstosettleoutstandingfees。

£250,000ofthesenewfundsarespecificallydedicatedtotheincreasedinvestmentintheGrandBahamaGroup,detailedabove。

Thesharepricerose5。

36%to0。

29pby10:22。

NR

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