/KASE, May 12, 2020/ – Tethys Petroleum Limited (Cayman Islands), whose shares
are officially listed on Kazakhstan Stock Exchange (KASE), has provided press
release to KASE dated May 5, 2020, which states as follows:
quote
Grand Cayman, Cayman Islands - Tethys Petroleum Limited (TSXV: TPL.H) ("Tethys"
or the "Company") today provides a corporate update.
Further loan restructuring
On January 17, 2020 Tethys announced 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Agreement") with one of its lenders to restructure the loan originally made to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") which had an outstanding
balance of approximately US$12.1 million, the key terms of which are described
below:
I. The lender provided a waiver of all past defaults;
II. The maturity date was extended from June 30, 2017 to June 30, 2021;
III. The outstanding loan balance was reduced from US$12.1 million to US$9.0
million;
IV. The Loan which bore a default interest rate of 18% no longer bears interest;
and
V. Twelve monthly repayments of US$750,000 will be due commencing July 31, 2020.
It was also announced that 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 were made.
unquote
Full version of the press release is posted on the KASE website:
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_050520_1.pdf – in Russian;
-
https://kase.kz/files/emitters/KY_TPL_/ky_tpl__reliz_050520_eng_2.pdf – in
English.
[2020-05-12]