Synergia Energy Ltd - India and UK-focused gas production and carbon capture and storage project development company - Provides an update on March 9 maturity date of 6,500 convertible loan notes issued a year ago. The company says that this week it will repay in cash GBP386,451 including interest in respect of 5,430 notes and has agreed to repay GBP188,688 in cash including interest on or around September 30 in respect of 1,750 notes. It says that in total it will issue 140.5 million new shares for the conversion of the CLN. As announced in February, Synergia has a farm-out agreement with Selan Exploration Technology Ltd to transfer 50% of the Cambay PSC to Selan and awaits Government of India approval for the transfer, which will trigger the payment of USD2.5 million to the company.

In order to minimise equity dilution for shareholders, the company has obtained loan funding from existing investors of GBP400,000 on commercial terms and on an unsecured basis.

"Further, the company has noted recent market speculation/rumours suggesting that the company was completing an equity financing and can confirm the company has no plans to finance the company by way of equity at this current time," Synergia added.

Current stock price: 0.10 pence, up 5.0% in London on Monday afternoon

12-month change: down 6.9%

By Sophie Rose, Alliance News senior reporter

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