Bahamas Petroleum Secures GBP 8 Million Convertible Loan Facility
AIM-listed junior explorer Bahamas Petroleum Company Plc has entered into an agreement with an institutional family-office investor based in the Bahamas for a binding, zero-coupon, second ranking, unsecured convertible loan note facility for up to GBP 8 million (approximately US$10.5 million) before expenses and fees.
The first tranche of the convertible loan facility (GBP 2.43 million) is unconditional and will be available immediately. The balance of the facility will be drawn at the company’s election, in four committed installments through the course of drilling the 100% owned and operated Perseverance #1 well within the offshore Cooper License, which is expected to spud in April 2020.
In addition to securing these funds, Bahamas Petroleum continues to consider several farm-in options to bring in a strategic partner to enhanced its financial and operating capacity.