By Christian Moess Laursen
San Leon Energy said it has received an investment of up to $187 million from U.S.-based Tri Ri Asset Management, which it has used to raise its stake in Energy Link Infrastructure.
The Nigeria-focused oil-and-gas company said Tuesday the investment from Tri-Ri comprises of a $125 million secured loan, which will be fully drawn immediately, a $16 million share subscription by Tri-Ri, and a potential $46 million further investment via warrants at 60 pence each.
The share subscription is priced at 30 pence per share, nearly double the price of the currently suspended shares of 16.50 pence, which will make Tri-Ri a major shareholder of the company.
The proceeds will be used to loan a further $37 million into Nigerian crude transportation systems company Energy Link Infrastructure, which owns a new pipeline and a floating storage and offloading vessel, along with the right to subscribe for 35%.
This, together with the purchase of 13.5% of Energy Link Infrastructure’s shareholding in Ocean Pearl Maritime for $12 million, will make San Leon its largest and majority shareholder, with a 55% stake.
Trading in the shares has been suspended since July 3, pending publication of its annual report.
Write to Christian Moess Laursen at [email protected]
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