Lekoil Limited announced that it has entered into a convertible facility agreement with Savannah Energy Investments for gross proceeds of £885,672 on February 28, 2022. The investor may elect to convert the loan into 177,100,000 new ordinary shares of Lekoil Limited at a price of £0.005 per share in the event of non-payment by March 2, 2022. The loan is repayable on March 2, 2022 and bears interest at 5% per annum.

The loan is available till March 1, 2022.