# PetroNeft Resources $156,000 of debt converted to equity

- Link: https://www.directorstalkinterviews.com/petroneft-resources-156000-of-debt-converted-to-equity/412974990
- Published: 2021-04-08T07:08:37+01:00
- Author: Giles

**PetroNeft Resources plc** (LON:PTR) an oil & gas exploration and production company,
operating in the Tomsk Oblast, Russian Federation, and 90% owner and operator of
Licence 67 and  50% owner and operator of Licence 61, has today provided a financing
update.

**Highlights**

·      $156,000 of debt converted to equity under the 2019 convertible loan agreement
for the issuance of 10,084,034 new Ordinary shares.

**Loan facility**

PetroNeft Resources historically entered into a convertible loan agreement June 
24^(th) 2019 for US$1.3 Million with a group of five lenders. Lenders under this
agreement have the right to convert up to 65% of the outstanding loan amount at 
a conversion price of US$0.01547 per share. Three of the five lenders have already
converted the maximum amount under this agreement earlier this month.

Daria Shaftelskaya currently owns 90,670,555 ordinary shares, with this issuance
of 10,084,034 her resulting shareholding will increase to 100,754,589 shares being
9.64% of the shares in circulation.

The conversion of this debt to shares will result in the outstanding debt under 
this agreement being reduced from $0.661 Million to $0.505 Million and will result
in an increase in the total number of issued shares in the Company from 1,035,151,353
to 1,045,235,387. The shares are being issued at a premium to the share price on
the date when the terms of the agreement were announced.

Application will be made to the London Stock Exchange and Euronext Dublin for the
10,084,034 PetroNeft ordinary shares to be admitted to trading on AIM and Euronext
Growth. It is expected that admission to trading on each exchange will become effective
and that dealings in the New Ordinary Shares will commence on AIM and Euronext Growth
at 8.00 a.m. on 14 April 2021.

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