Corporate Update
Lansdowne Oil & Gas plc (AIM: LOGP), the North Celtic Sea focused, oil and gas company, is pleased to provide a corporate financial update.
The Company has entered into agreements with LC Capital Master Fund ( LCCMF ) to extend the payment date of its outstanding loan of £1.155 million currently due for repayment on 31 December 2020 (the Loan Extension ).
The agreements provide that: · The Company will repay £175,000 of the outstanding loan amount with immediate effect; · The payment date of the remaining c. £980,000 will be extended to 31 December 2021; · The Company will award LC Capital Targeted Opportunities Fund LP ( LCCTOF and, together with LCCMF, LC Capital ) 26 million Warrants to subscribe for new shares in the Company at a price of 1.2p/share, the term of the Warrants to expire on 31 December 2021 (the Warrant Issue ); and