Scandinavian Oil-Gas Magazine
http://www.scandoil.com/moxie-bm2/news/zeta-petroleum-enters-into-agreement-with-gmi.shtmlZeta Petroleum enters into agreement with GMI
Zeta Petroleum has entered into an agreement with its major shareholder, GM Investment & Co Limited ('GMI') whereby GMI will provide a
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Zeta Petroleum has entered into an agreement with its major shareholder, GM Investment & Co Limited ('GMI') whereby GMI will provide a A$2,000,000 convertible loan to the Company (the 'GMI Loan'). The term of the GMI Loan is six months unless converted or repayable earlier in certain circumstances.
The proceeds of the GMI Loan are necessary to ensure that the Company has adequate finances to meet certain short term commitments under its work programme in Romania, to provide working capital to the Company and to fund expenses in connection with its proposed application for admission of its ordinary shares ('Ordinary Shares') to trading on the AIM market of the London Stock Exchange ('AIM Admission').
