Gasol Rolls Over BBH Loan, UK

Gasol, the West African energy development company, announced that it has agreed terms with Banque Benedict Hentsch & Cie SA (BBH) for the rollover of its maturing convertible loan facility by one year to a new maturity date of 30 December 2013.

The revised terms of the BBH Facility comprise:

• the principal amount of the facility is £694,167.08;
• an interest rate of 5% payable at maturity or conversion;
• a conversion option whereby BBH has the right to call for the conversion of the loan, in whole or in part, into ordinary shares of Gasol at a price of 20p per share.  Conversion may take place at any time up to 30 December, 2013; and
• repayment (to the extent not previously converted) on 30 December 2013. Repayment may be made, at the Company’s choice, either in cash or in Gasol’s shares (priced at a 10% discount to the mid-market closing price on the day before repayment).

In consideration of the rollover, and the revised payment terms, Gasol is awarding BBH 240,000 warrants for subscription of up to 240,000 ordinary shares of Gasol at an exercise price of 30p per share. The warrants can be exercised in whole or in part at any time up to 7 January 2014.

[mappress]
LNG World News Staff, January 09, 2013