Thursday 16 February 2017

Gulfsands Petroleum has finalised a Secured Term Facility of up to £4 million with its Major Shareholders. The Lenders are Waterford Finance & Investment, Blake Holdings (a company controlled by Mr. Richard Griffiths) and ME Investments.

The proceeds will be used for general and administrative expenses of the Group and for working capital purposes and, based on current forecasts, if fully drawn down, are anticipated to fund the Company through to the first half of 2018. It is the intention of the Board to seek equity financing for the Group in due course. If an equity raise takes place the Lenders will be entitled to be pre-paid on the terms noted above, provided the Lenders agree that the full amount to be pre-paid is subscribed for equity in such equity raise.