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Peninsula Energy executes agreements for debt restructure

The amending deeds have been executed with remaining formal documentation hoping to be executed before calendar year-end.

Peninsula Energy Ltd - Peninsula Energy executes agreements for debt restructure
The debt restructure provides the company with a more sustainable debt profile

Peninsula Energy Ltd (ASX:PEN) has executed binding amended agreements with its lenders to restructure the existing US$17 million convertible note facilities.

The restructure will result in a significant reduction in the outstanding principal owed through partial monetisation of a uranium concentrate sale and purchase agreement.

Additionally, the repayment date will be extended out to 22 April 2021.

Formal documentation advanced

In the unlikely event that the partial monetisation transaction does not complete by 30 April 2020, all outstanding loan amounts will become due and payable by 31 October 2020.

The partial monetisation transaction documentation is in advanced form and it along with other formal documentation hopes to be completed before the end of this calendar year.

Proactive caught up with Peninsula earlier this month for a review of the September quarter 2019.

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ASX:PEN
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