calling old rangers, page-25

Interesting read on the Timis debt to IOP.
Seems Timis and IOP have come to new terms including adding another $100k to the debt.

During April 2013, the Company agreed with African Petroleum Corporation Limited (“APCL”Timis) to vary
the terms of the US$10 million loan (“APCL Loan”) owed by the Company, such that:
(a) an additional commitment fee of US$100,000 is payable by the Company to APCL,
(b) the repayment date is extended to the earlier of (i) 31 December 2013; (ii) the date of the
receipt by the Company of A$45,000,000 pursuant to the terms of the Nkwe Agreement; and
(iii) the date the Company completes a raising of funds by way of a public offering of shares,
(c) the Company’s wholly owned subsidiary company, International Petroleum Limited,
registered in the Cayman Islands under company number 244385 (“IPL Cayman”), entered
into a deed of guarantee in favour of APCL and a deed of charge over certain assets of IPL
Cayman in favour of APCL as security for the APCL Loan, and
(d) APCL released from the fixed and floating charge dated 16 May 2011 between the Company
and IPL all the secured property, except all the Borrower's shares in IPL Cayman and any
proceeds, dividends, distributions and other rights and benefits arising from or in connection
with the Company'sshares in IPL Cayman.

IOP have now been suspended by the NSXA for non payment of listing fees.