Po Valley Energy Raises $2.5m in Convertible Note Issue

Posted by OilVoice Press - OilVoice


Po Valley Energy Limited (“PVE” or “the Company”) is pleased to announce it has secured funding of $2.5m through the issue of a convertible note with a conversion price of $0.042 per share and a maturity of 3 years.

The funds will be used to advance the Company's successfully drilled onshore Selva field to the grant of a production concession, advance offshore Teodorico to a final investment decision and complete front end seismic evaluation work on PVE's large oil condensate/gas Torre del Morro explorations licence.

Directors Kevin Bailey and Michael Masterman intend to participate in the note issue at a level of $700,000 and $300,000 respectfully, subject to shareholder approval. Shareholder approval will be sought at the Company's AGM planned for 30 May 2018. If these convertible notes are approved and issued the maximum number of PVE shares to be issued on conversion would be 16,666,667 shares to Mr Bailey and 7,142,857 shares to Mr Masterman.

The first $1.5m has been placed to institutional and sophisticated investors with the receipt of the funds and the issue of the convertible notes expected to be completed in the first two weeks of May. If these convertible notes are ultimately converted to PVE shares the maximum number of PVE shares to be issued will be 35,714,286. The convertible notes will be issued under the Company's placement capacity and ratified subject to shareholder approval at the upcoming AGM.

The convertible notes will have a conversion price of 4.2c per share which is a 2.4% premium to PVE's current share price, a 3 year maturity expiring May 2021 and a coupon interest rate of 8% per annum (to be paid in cash at 6 monthly intervals). The notes will be redeemable by PVE prior to conversion with 30 days notice.

There will be no change to the conversion terms of the convertible notes following PVE's planned distribution of 100,000,000 Saffron Energy Plc shares1 (which is subject to shareholder approval being sought on 7th May 2018).

New service from OilVoice
Trip Shepherd is for companies who need to track their staff in areas of risk.
It's free to use, so we invite you to try it.

PVEPo Valley EnergyPo ValleyConvertible NoteItalygasSelva Field

More items from oilvoice

Cyber Security Experts Unite to Protect Europe’s Critical Industries

CS4CA Summit Returns to London this October Staying abreast of fast-paced industry developments is crucial for cyber security professionals. And while one can learn a lot from publications and social media, it's hard to beat the value of insights gained first-hand from peers. This is why 150+ IT ...

OilVoice Press - OilVoice

Posted 10 months agoPress > cybereurope

Africa E&P Summit

The organisers of the Africa E&P Summit are bringing together Africa's leading exploration companies and governments, just one of the many reasons why you should be attending frontier's event that they are organising and hosting in London at the IET: Savoy Place, 22-23 May. Over 200 key senior exec ...

OilVoice Press - OilVoice

Posted 1 year agoPress > Africasummitoil summit +2

Equinor Deepens in Offshore Wind in Poland

Equinor has exercised an option to acquire a 50 % interest in the offshore wind development project Bałtyk I in Poland from Polenergia. This transaction is a follow-up of the agreement between the two companies which came into force in May 2018 , by which Equinor acquired a 50 % inter ...

OilVoice Press - OilVoice

Posted 1 year agoPress > EquinorEquinor EnergyPoland +2

Nigeria has highest capex on crude and natural gas projects in sub-Saharan Africa Over Next Seven Years, says GlobalData

Nigeria accounts for more than 34% of the proposed capital expenditure (capex) on planned and announced crude and natural gas projects in the sub-Saharan Africa over the period 2018–2025, according to GlobalData , a leading data and analytics company. The company's report: ‘H2 2018 Production ...

OilVoice Press - OilVoice

Posted 1 year agoOpinion > GlobalDataNigeriaCrude +5

CNOOC Signs Strategic Cooperation Agreements with 9 International Oil Companies

HONG KONG, Dec. 18, 2018 /PRNewswire/ -- CNOOC Limited (the "Company", SEHK: 00883, NYSE: CEO, TSX: CNU) announced today that its parent company, China National Offshore Oil Corporation (CNOOC), has signed Strategic Cooperation Agreements with 9 international oil companies including: Chevron, Conoco ...

OilVoice Press - OilVoice

Posted 1 year agoPress > CNOOCChina National Offshore Oil CorporationChevron +11
All posts from oilvoice