It’s looking to amend terms in a previous SPA.
Loyz Energy’s subsidiary Loyz Oil Thailand has inked a supplemental sale and purchase agreement (SPA) with Carnavon Thailand for the amendment of certains terms in their February 2014 SPA.
According to Loyz Energy’s announcement, the first payment for the post completion receivable payment of a previous acquisition amounting to US$702,000 has been amended and firstly, will be satisfied by a US$100,000 payment paid in cash by 30 December 2015. It will also be satisfied by a US$602,000 payment, payable by the issue and allotment of 21.6m new ordinary shares in Loyz Energy at an issue price of $0.40 per share by 31 January 2016.
Loyz Energy’s share capital will see a boost to US$111.2 million from US$110.6 million as at 30 June 2015.
“The management has been very active in looking for ways to ensure that Loyz Energy remains resilient at this stage of the oil and gas cycle,” said Loyz Energy Managing Director Adrian Lee.
Do you know more about this story? Contact us anonymously through this link.