Petroneft Resources plc Appoints Daria Shaftelskaya as A Non-Executive Director; Announces Amendments to the Loan Facility
The company entered into a $2.0 million loan facility with Petrogrand on 16th January 2018, this facility was increased to $2.5 million on 14 February 2019 and was due for repayment in full on 15th December 2019. The company has successfully negotiated a one year extension to the loan with an additional potential second year extension if 20% of the capital is repaid by 15th December 2020. If the conditions on the second one year extension are met, then the interest rate will reduce from LIBOR + 9% to LIBOR +6% in December 2020.