By Alexander Bueso
Date: Friday 19 Aug 2016
LONDON (ShareCast) - (ShareCast News) - InfraStrata repaid its loan from Baron Oil early but modified the terms of its loan agreement, extending the latter's right to buy into its Islandmagee development in exchange for a cash payment.
In May 2015, Baron provided €1.8m to fund Infrastrata's working capital requirements until it completed the work programme for the Islandmagee gas storage project in Northern Ireland, which would release a grant of equal size from the European Commission.
The loan carried an interest rate of 8% and included two options allowing Baron Oil to extend the period of the loan until 31 December 2016 and to convert the entire balance into a 15% equity stake in Infrastrata's subsidiary Islandmagee Storage Limited.
If the option were excercised Infrastrata and its project manager Moyle Energy Investments would provide the necessary shares pro-rate.
The option has now been modified to run until 31 March 2017 and allows Baron to purchase a 15% interest in IMSL for £1,536,498.
Repayment of the loan meant the interest due under the terms of the facility would be lower had Baron chosen to extend it, Infrastrata said in a statement.
As of 09:43 BST shares in Infrastrata were up by 14.89% at 1.35p.
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Currency | UK Pounds |
Share Price | 0.065p |
Change Today | 0.002p |
% Change | 3.36 % |
52 Week High | 0.12 |
52 Week Low | 0.050 |
Volume | 74,291,989 |
Shares Issued | 25,511m |
Market Cap | £16.48m |
Value |
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Price Trend |
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Income |
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Growth |
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No dividends found |
Time | Volume / Share Price |
17:11 | 2,000,000 @ 0.065p |
16:35 | 800,000 @ 0.065p |
16:35 | 10,000 @ 0.065p |
16:35 | 790,000 @ 0.065p |
16:18 | 1,000,000 @ 0.063p |
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