Primeline issues US$20 million of convertible bonds to fund exploration programme
On May 11, 2015, Primeline Energy Holdings Inc. ("Primeline") announced that it entered into a term sheet with General Enterprise Management Services International Limited (GEMS) under which GRF Prime Limited ("GRF"), a resources fund managed by GEMS, will purchase a principal amount of US$20 million of 7% unsecured convertible bonds to be issued by Primeline to GEMS in two tranches of US$10 million each.
Primeline completed the first tranche of its private placement to GRF on August 14, 2015, following its successful acquisition of Primeline Petroleum Corporation, leaving it with a 49% interest in the Petroleum Contract for the producing Block 25/34, and a 100% interest in the Petroleum Contract for Block 33/07.
Primeline is an exploration and production company focusing exclusively on China resources to become a major supplier of gas and oil to the East China market.
GEMS is an Asian private equity group with a core focus in the natural resources sector.
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