San Leon Energy, a Nigeria-focused oil-and-gas company, has announced that it has received a significant investment of up to $187 million from Tri Ri Asset Management, a U.S.-based firm. This investment has enabled San Leon Energy to increase its stake in Energy Link Infrastructure.
The Investment Details
The investment from Tri Ri consists of the following components:
- A $125 million secured loan that will be fully drawn immediately.
- A $16 million share subscription by Tri Ri.
- The potential for a further $46 million investment via warrants at 60 pence each.
Share Subscription and Stakes
The share subscription by Tri Ri is priced at 30 pence per share, almost double the current suspended share price of 16.50 pence. This subscription will make Tri Ri a major shareholder of San Leon Energy.
Additionally, San Leon Energy will purchase a 13.5% stake in Ocean Pearl Maritime, a shareholder of Energy Link Infrastructure, for $12 million. This transaction will make San Leon Energy the largest and majority shareholder of Energy Link Infrastructure, with a 55% stake.
Suspension of Trading
Trading in San Leon Energy's shares has been suspended since July 3. The suspension will be lifted upon the publication of the company's annual report.