{"id":5812,"date":"2017-03-27T21:08:00","date_gmt":"2017-03-27T21:08:00","guid":{"rendered":"http:\/\/www.oilnewskenya.com\/?p=5812"},"modified":"2017-03-27T21:08:00","modified_gmt":"2017-03-27T21:08:00","slug":"octant-energy-to-raise-10-million-to-finance-kenya-tanzania-blocks-acquisitions","status":"publish","type":"post","link":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-raise-10-million-to-finance-kenya-tanzania-blocks-acquisitions\/","title":{"rendered":"Octant Energy to Raise $10 Million To Finance Kenya, Tanzania Blocks Acquisitions"},"content":{"rendered":"

Octant Energy has announced it has entered into a term sheet with Rosseau Asset Management to proceed with a financing of up to USD$10,000,000 through the issuance of secured convertible debentures to finance the acquisition<\/a> of Afren\u2019s assets in East Africa namely Kenya\u2019s Block L17\/L18 and Block 1 as well as the Tanga Block in Tanzania.<\/p>\n

The principal amount of the Financing shall be convertible into common shares of Octant at a price of USD$0.075 per Common Share for a period of up to four (4) years after the closing
\nof the first tranche<\/p>\n

The indebtedness under the Financing will bear interest at a rate of 8% per annum, payable annually in arrears on the anniversary date of the initial close through the issuance of Common Shares and will have a maturity date of four (4) years after the closing of the first tranche of USD$1,000,000 which will be used by Octant to complete the acquisition of the Tanga Block.<\/p>\n

The first of three tranches will be advanced upon certain conditions being satisfied in connection with the establishment of security for the Financing (including subsidiary guarantees and general security agreements) and board.<\/p>\n

\"Afren<\/a>The remaining two tranches are each in the amount of USD$4,500,000 and will be advanced to Octant to complete the acquisition of Kenya Block L17\/L18 and Kenya Block 1. Octant however warns there is no assurance that the remaining two tranches of the Financing or that the Proposed Transactions will be completed.<\/p>\n

“The position taken by Rosseau to support the efforts of Octant in its acquisitions speaks volumes about the quality of these assets. I look forward to moving these assets forward expeditiously in a meaningful way and positively enhancing the value for all interested parties including the people of Tanzania and Kenya,” Rick Schmitt, CEO & President of the Corporation, commented.<\/p>\n

Concurrently with the closing of the first tranche, the Corporation has executed an Investor Rights Agreement with RAM which will see two nominees appointed by RAM to be appointed to the board of directors \u00a0as independent members.<\/p>\n

To this regards two directors at Octant have tendered their resignation while Trevor Peters and Wishart Robson have been appointed to the board of directors.<\/p>\n

Octant Energy which entered into three agreements with subsidiaries of Afren plc to acquire assets in the Republic of Kenya and the United Republic of Tanzania in October 2015 reports that progress is being made in connection with the satisfaction of the conditions for completion of the Proposed Transactions The agreements to consummate the Proposed Transactions have a long stop date of April 30, 2017.<\/p>\n","protected":false},"excerpt":{"rendered":"

Octant Energy has announced it has entered into a term sheet with Rosseau Asset Management to proceed with a financing of up to USD$10,000,000 through the issuance of secured convertible … Read More<\/a><\/p>\n","protected":false},"author":24,"featured_media":3974,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[11],"tags":[59,300,6002,1252,4435,6003,3758,2466],"class_list":["post-5812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-top-news","tag-afren","tag-block-l17","tag-block-l18-block-1","tag-kenya","tag-octant-energy","tag-rosseau-asset-management","tag-tanga-block","tag-tanzania","entry"],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Octant.png?fit=336%2C218&ssl=1","jetpack_shortlink":"https:\/\/wp.me\/p5JWkQ-1vK","jetpack-related-posts":[{"id":6592,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-plans-4-wells-one-seismic-kenyas-mandera-lamu-basin-blocks\/","url_meta":{"origin":5812,"position":0},"title":"Octant Energy Plans 4 wells, 2D Seismic in Kenya\u2019s Mandera and Lamu Basin Blocks","author":"","date":"November 30, 2017","format":false,"excerpt":"Octant Energy which took over from Afren operated Blocks 1, L17 and L18 plans to carry on with already identified drill ready prospects in the three blocks as well as 2D seismic in south Eastern part of the Mandera basin to futher provide more information at El Wak. This is\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2017\/11\/Octant-Energy-Kenya.jpg?fit=370%2C416&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":3972,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-to-purchase-afren-assets-in-tanzania-and-kenya\/","url_meta":{"origin":5812,"position":1},"title":"Octant Energy To Purchase Afren Assets in Tanzania and Kenya","author":"","date":"November 2, 2015","format":false,"excerpt":"Canada-based oil and gas company Octant Energy Corp. has announced that it has entered into three agreements with subsidiary companies of cash strapped Afren PLC to acquire assets in the Republic of Kenya and the United Republic of Tanzania. Afren assets through its wholly owned subsidiary East Africa Exploration EAX\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"Afren Kenya","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Afren-Kenya.png?resize=350%2C200","width":350,"height":200},"classes":[]},{"id":7275,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-drill-block-l17-18-q2-2018\/","url_meta":{"origin":5812,"position":2},"title":"Octant Energy to Drill in Block L17\/18 by Q2 2019","author":"","date":"November 23, 2018","format":false,"excerpt":"Kenya\u2019s Block L17\/18 operator Octant Energy will be drilling offshore the south coast by Q2 2019 ahead of expiry of the PSC valid until April 23, 2019 OilNews Kenya has learnt. According to the source the well targeting the Wasin prospect which is expected to be drilled from an onshore\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2018\/11\/Block-L17.png?fit=358%2C504&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5509,"url":"https:\/\/www.oilnewskenya.com\/index.php\/octant-energy-acquires-imara-energy\/","url_meta":{"origin":5812,"position":3},"title":"Octant Energy acquires Imara Energy","author":"","date":"November 1, 2015","format":false,"excerpt":"Octant acquires 100% interest in an oil and gas block in the Lamu basin, onshore Kenya Octant Energy Corp has entered into an arm's length letter agreement dated July 28, 2015 (the \"Letter Agreement\") with Imara Energy Corp. under which Octant will acquire all of the outstanding shares of Imara\u2026","rel":"","context":"In "Top News"","block_context":{"text":"Top News","link":"https:\/\/www.oilnewskenya.com\/index.php\/category\/top-news\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/www.oilnewskenya.com\/wp-content\/uploads\/2015\/11\/Octant.png?fit=336%2C218&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":6497,"url":"https:\/\/www.oilnewskenya.com\/index.php\/kenya-upstream-outlook-2018-synopsis\/","url_meta":{"origin":5812,"position":4},"title":"Kenya Upstream Outlook For 2018 Synopsis","author":"","date":"November 7, 2017","format":false,"excerpt":"The Kenya Upstream Sector Activity Outlook 2017-2018 \u00a0presents an in-depth assessment of the upstream sector in Kenya including a look through the history of exploration that commenced with activity by BP and Shell in the early 1950\u2019s. 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