Drawdown on facility

Roxi, the Central Asian oil and gas company with a focus on Kazakhstanhas updated the market with news it has called down a further US$2.0 million from the US$40 million equity facility announced in January 2013 with Mr. Satylganov, a Director of the company. This brings the total called to date to US$28.2 million.

The additional US$2 million will principally be used to fund the continued development of the company's flagship BNG asset.

Roxi will accordingly issue a further 16 758 286 shares to Mr. Satylganov, so that the total number of shares issued to Mr. Satylganov are 236 291 830, representing 27.0% of the enlarged total shares in issue. The price of the shares issued to Mr. Satylganov is 7.41p, based on the agreed exchange rate of £1=US$1.61 in the subscription agreement dated 14 January 2013.

Roxi will apply for the 16 758 286 subscription shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on 23 January 2015. The total number of shares in issue following the issue of these shares will be 875 192 280.

Roxi has no shares in treasury, therefore this figure may be used by Shareholders, from Admission, as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the company under the FCA's Disclosure and Transparency Rules.

Edited from various sources by Joe Green

Read the article online at: https://www.oilfieldtechnology.com/exploration/20012015/roxi-downgrade-facility-central-asia-192/