Oilex Ltd (GB:SYN) has released an update.
Synergia Energy Ltd has secured a short-term loan of GBP400,000 from existing investors to support its working capital needs while awaiting approval from the Government of India for a major transaction. This transaction involves the transfer of 50% of Synergia’s Cambay PSC to Selan Exploration Technology Limited, which will result in a USD 2.5 million payment to Synergia upon approval. The company intends to use the proceeds from Selan to repay the loan, thus minimizing shareholder equity dilution.
For further insights into GB:SYN stock, check out TipRanks’ Stock Analysis page.
