Three-year equity sale agreement negotiated with YA Global Master SPV
By Devika Patel
Knoxville, Tenn., Sept. 7 - Nostra Terra Oil and Gas Co. plc said it negotiated a £5 million standby equity distribution agreement with YA Global Master SPV Ltd. Nostra Terra may elect to increase the amount to £10 million.
YA has committed to purchase up to £5 million of the company's ordinary stock over the course of three years in multiple tranches at 96% of the lowest of the daily volume-weighted average prices during the ten-day pricing period following a drawdown request.
The maximum amount that may be drawn down at any time is 200% of the average daily trading value of the shares multiplied by the volume-weighted average prices during the pricing period or £2 million.
The London-based company explores for hydrocarbon resources.
| Issuer: | Nostra Terra Oil and Gas Co. plc
|
| Issue: | Standby equity distribution agreement
|
| Amount: | £5 million
|
| Tenor: | Three years
|
| Price: | 4% discount
|
| Warrants: | No
|
| Investor: | YA Global Master SPV Ltd.
|
| Settlement date: | Sept. 7
|
| Stock symbol: | London: NTOG
|
| Stock price: | 0.48p at close Sept. 7
|
| Market capitalization: | £8.46 million
|
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