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Ascent Resources Amends Riverfort Loan, Partly Settles Debt in Shares

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Ascent Resources (AST.L) said Tuesday it agreed with Riverfort Global Opportunities to amend the terms of an existing secured loan facility, including a partial repayment in shares and an extension of the remaining balance.

Of the $250,000 repayment due on April 21, $100,000 will be settled through the issue of 14,925,373 new ordinary shares at 0.005 pound sterling each, while the remaining $150,000 has been extended to June 6 in exchange for a $6,000 fee.

The oil and gas company will also issue 6,969,740 new shares to settle 35,000 pounds of trade creditors at the same price.

Admission of the new shares to trading on the London stock exchange's AIM is expected on Wednesday.

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