/KASE, January 21, 2020/ – Tethys Petroleum Limited (Cayman Islands), whose
shares are officially listed on Kazakhstan Stock Exchange (KASE), has provided
press release to KASE, which states as follows:
quote
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys"
or the "Company") is pleased to announce completion of a second loan restructuring.
The Company has signed a loan amendment agreement (“Amendment Agreement”) with
one of its lenders to restructure the loan originally made to the Company by AGR
Energy Limited No. 1 (the “Loan”) with current outstanding balance of approximately
US$12.1 million, the key terms of which are described below:
- The lender has provided a waiver of all past defaults;
- The maturity date has been extended from June 30, 2017 to June 30, 2021;
- The outstanding loan balance has been reduced from US$12.1 million to US$9.0
million;
- The Loan which bore a default interest rate of 18% will no longer bear interest;
and
- Twelve monthly repayments of US$750,000 will be due commencing July 31, 2020.
The monetary claims under the Loan were assigned by AGR Energy Limited No. 1 to
a private individual in 2016. In conjunction with the Amendment Agreement, further
assignments have been made. The Amendment Agreement can be terminated if any of
these assignments is declared by a court of competent jurisdiction as invalid,
void or is otherwise terminated, in which case the Amendment Agreement would have
no effect and the original loan agreement signed with AGR Energy Limited No. 1,
as assigned to this individual, would continue in force and effect as if never
amended by the Amendment Agreement.
unquote
Full press release is available on KASE website (in Russian) –
http://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_210120_2.pdf
[2020-01-21]