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Andes Energia Plc Announces Loan Conversion and Issue of New Equity


Monday, 29 Apr 2013 02:02am EDT 

Andes Energia Plc announced that following the announcements of the completions of the acquisitions of Ketsal S.A. (Ketsal) and Kilwer S.A. (Kilwer), the Company has exercised its option to convert the principal amounts of the convertible loans due to the vendors of Kilwer and Ketsal in accordance with the terms of the respective stock purchase agreements that under the terms of the Kilwer Stock Purchase Agreement the principal outstanding and interest due for the period from March 11, 2013 to April 29, 2013 on the USD 10,000,000 convertible loan, will be satisfied by the issue of 19,008,166 new ordinary shares at a price of 35p per share. Under the terms of the Ketsal Stock Purchase Agreement the principal outstanding and interest due for the period from April 11, 2013 to April 29, 2013 will be satisfied by the issue of 115,183,413 new ordinary shares at a price of 32p per share. Following admission of the 134,191,579 ordinary shares, the total number of issued ordinary shares will be 476,788,322 ordinary shares. 

Company Quote

37.5
3.25 +9.35%
24 Dec 2014