Debt Drawdown of £500,000
Georgina Energy PLC has completed a second drawdown of £500,000 under its debt and equity facility, bringing the total drawn to £800,000, with the remaining £200,000 available. This latest drawdown, like the first £300,000, carries no interest and is convertible at a 50% premium to the 5-day VWAP preceding the drawdown, with the initial reference price set at 8 pence per share. The company will also issue 2.5 million warrants exercisable at 8 pence, representing 40% of the drawdown amount divided by the reference price, with a 48-month term. These funds will be used for working capital and project development, including progress on a transaction with Central Petroleum, while its subsidiary Westmarket Oil & Gas is fully funded through an offtake finance arrangement.
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The Company entered an equity and debt financing arrangement with an institutional investor on 4th November 2025 (RNS 1026G). The Facility, of up to £1,000,000, has a term of 3 years, and each drawdown of the debt has a term of 12 months.
The Company will use the gross proceeds of the drawdown to fund working capital and to continue the development of its portfolio and progress the transaction with Central Petroleum.
Westmarket Oil & Gas, the operational subsidiary of the Company is fully funded having recently agreed a structured offtake finance arrangement with Harlequin Energy.
Debt Facility
The First Drawdown of £300,000 occurred on 4th November 2025 and is convertible at 8 pence per share ("Reference Price") and each drawdown thereafter at a 50% premium to the 5-day VWAP preceding the drawdown. There is no interest to be applied to the loan.
The Company has now undertaken a Second Drawdown of £500,000 on the same terms as that agreed for the First Drawdown, that being convertible at a premium of 8.00 pence.
Issue of Warrants
The Investor shall receive Warrants equal to 40% of each drawdown divided by the Reference Price, exercisable at a 50% premium to the relevant Reference Price being 8.00 pence (2.5 million warrants). Each issuance of Warrants will have a 48-month term from the date of issuance (which may be offset against outstanding debt if exercised). As with the First Drawdown, the Second Drawdown warrants will be exercisable at 8 pence.
Anthony Hamilton, Chief Executive Officer of Georgina Energy, commented:
"We are delighted to have received the continued support from an Institutional Investor. This strategic investment not only strengthens our balance sheet but also underscores institutional confidence in our vision and asset base. The funding provides us with the flexibility to accelerate the advancement of our key projects and evaluate additional growth opportunities to deliver enhanced shareholder value."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.