Australia's oil and gas exploration firm Oil Basins Ltd. (OBL) reported Wednesday that the company has entered into a conditional provisional agreement for Ochre Group Holdings (OGH) to provide advice and financing as both work to develop an appropriate growth strategy for its oil and gas exploration portfolio.
Under the agreement, Oil Basins will appoint OGH to provide corporate advisory and capital markets services and an initial short-term interest free unsecured loan of $114,048 (AUD 150,000).
Both firms will arrange for a formal underwriting agreement with respect to future capital raising by OBL via a rights issue offer. Upon signing of the underwriting agreement, the "initial loan will become convertible into equity on the same terms as such an Offer and a further interest free unsecured loan of $76,032 (AUD 100,000) for 180 days will be provided to OBL by OGH," OBL said in a press release.
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