Anglo African Oil & Gas has entered into an unsecured convertible loan facility with Riverfort Global Opportunities for an amount of up to £1,500,000.

The key terms of the Facility are as follows:

• First drawdown of £160,000 to be advanced to the Company today;
• Further drawdowns of £100,000 per month to be mutually agreed between the Company and the Lenders up to the Commitment Amount;
• Commitment fee of £7,500 added to the principal outstanding and convertible on the same terms;
• Each Drawdown is interest free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms;

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Source: EnergyPedia