Sound Oil signs non-binding Heads of Terms (Scandinavian Oil-Gas Magazine)

Sound Oil signs non-binding Heads of Terms

Published Sep 24, 2014

Sound Oil has signed non-binding Heads of Terms in respect of a Reserve Based Lending facility for the Nervesa discovery, onshore Italy.

The Company confirm, subject to contract, a Euro 7 million 24 month loan secured on the Carita permit (which holds the Nervesa discovery) and without recourse to the Company (the "Proposed Funding").

The Proposed Funding is to be provided by Greenberry S.A. (Greenberry), an affiliate of Continental Investment Partners S.A. ("Continental") (Sound Oil's cornerstone investor) and will attract a 5% annual coupon.

Tags: Sound Oil plc

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