Anglo African Oil & Gas plc, an independent oil and gas developer, announces a partial drawdown of the conditional £5 million Convertible Loan Note Financing Facility with Sandabel Capital L.P. (“Sandabel”) (“the Financing Facility”) previously announced on 24 October 2018.
Sandabel has today agreed to subscribe for £1,000,000 of unsecured loan notes pursuant to the terms of the Subscription Agreement. AAOG has elected not to redeem these loan notes in accordance with the repayment schedule and therefore Sandabel will receive conversion rights over the loan notes. AAOG retains the right to elect to repay in cash some or all of any further subscription for loan notes should it choose to do so. The Initial Spot Price in relation to these notes is 10.3125 pence.