Angus Energy pl has agreed non-binding terms with Trafigura to restructure its debt in order to provide a “stable financial platform to support future operations”. ACQUISITION The terms are subject to final agreements on new covenants, revised terms with the overriding royalty interest holders, and deferred payment owed to Forum Energy Services Ltd. The company’s […]
Tag: debt
Red Rock faces administration over debt
Red Rock Resources plc said it might have to file for administration if it fails to find sufficient funds to clear its debts. CREDITORS Of the total, the company owes £654,000 to Power Metal Resources plc in respect of their joint venture New Ballarat Gold Corporation plc in Australia. Rescheduled payments include two of £200,000 […]
Hummingbird to cease trading
Hummingbird Resources plc will cancel its shares from trading after its major creditor Nioko Resources Corporation secured 75% or more of the company’s issued ordinary share capital. The move follows Hummingbird’s increasing debt, challenges at the Yanfolila gold mine in southern Mali, and delays at Kouroussa in Guinea which placed “significant strain” on its balance […]
Red Rock issues 700m shares
Red Rock Resources plc in is talks to sell some of its assets as it issued, in aggregate, 714,055,114 new shares to settle accrued interest, fees, a subscription and a debt. BUYERS A total 54,911,214 shares issued each at 0.041p are for accrued interest on a four-month extension from 18 November 2024 to the term of […]
Hummingbird secures further loan
Hummingbird Resources plc has increased its debt with a US$5 million unsecured interest-free loan from its major investor CIG SA. Funds will be used to pay the first instalment to the Government of Mali, where the company owns the Yanfolila gold mine. The loan has a fixed $2.8mn royalty payable between 1 March 2025 and […]
Orcadian delays action over debt payment
Orcadian Energy plc faces no action until the end of August for missing the deadline to pay $1.43 million debt to Shell International Trading and Shipping Company Ltd (Stasco). OBLIGATIONS The amount owed will be settled from payment due under a proposed farm-in or joint venture on Orcadian’s southern North Sea Earlham discovery. The company […]