Australian energy company WHL Energy Limited
(ASX:WHN) (“WHL Energy” or “the Company”) announces it has elected to pay out a trade finance agreement (the “Agreement”) entered into with Bergen Global Opportunity Fund V, LLC.
Under the Agreement, announced to the ASX on 5 December 2013, the Fund provided a one-off loan of US$2.7M to the Company. The funds were used to convert into cash the Tap Oil Seismic Option (see ASX announcement 18 September, 2013) and provided WHL Energy’s portion of the funding for the La Bella 3D seismic acquisition programme it successfully completed on 17 December 2013.
Bergen paid the US$2.7M to WHL Energy as a lump-sum on 6 December, which was repayable as a 12% p.a. principal and interest loan in cash, with certain share conversion rights, during the 15 months ending 31 March 2015, with a clause allowing for the loan to be repaid early.
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