Ann: $5m debt facility secured to deliver Odin gas to market, page-36

It was Vintage and the exercised value of their options equaled the value of the loan.

The key terms of the Facility were announced on 25 November 2021, and include:
• Capacity: $10 million, in two $5 million tranches
• Term: 48 months from first draw down
• Interest rate: 11.0%, reducing to 8.5% once certain operational cash flow conditions are met
• Security: first ranking security over Vintage assets, where joint venture arrangements permit
• Financial covenants: include requiring a minimum of $1.5 million cash in the bank
• Warrants: 58,823,529 warrants to be issued to PURE, at 17 cents per share, as approved by
shareholders at the general meeting held 18 March 2022. The warrants are exercisable at any time
over the 4-year facility term and may be used to repay the debt or for other purposes
• Early repayment provisions which use a sliding scale penalty of 1.5% to 1.0% of the funds.