Much of the change in cash for the fiscal 2009 was due to proceeds from the EBRD equity investment in the amount of $10,000, receipt of partial funding of the loan from Great Circle in the amount of $7,500 and proceeds from the EBRD loan in the amount of $23,600, approximately $12,000 of which to be repaid subsequent to the year end. Major cash outflow during this period represents the repayment of the $5,000 Petrolinvest loan, construction of the marine base and the payment of dry-dock expenses.
During fiscal 2008, we borrowed $5,000 from Petrolinvest S.A. The loan had a conversion feature that allowed the Lender to convert the loan amount to common stock of the Company at an issue price of $2.75 per share. Because the conversion price was equal to or greater than the market price of our common stock on the loan date, no beneficial conversion feature was recorded. The loan bore interest at the three-month LIBOR rate plus 2% per annum. Although the loan matured in July 2008, Petrolinvest agreed to postpone repayment of the loan. The loan was fully repaid in November 2008.
czy petrolinvest ma zaklepaną logistykę pytanie po co mu skoro to bankrut ????????!!!!!!!!!!!
CASPIAN SERVICES, INC. i great circle energy service llc. - co łączy petrolinvest z tymi firmami??????