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Japaul Oil and Maritime services Plc has said that the company has entered into a binding commitment with Milost Global Inc., an American Private Equity firm with Head Office in New York City, USA.
According to a notice to the Nigerian Stock Exchange (NSE) on Tuesday, the company said it wishes to notify its shareholders and other stakeholders that it is in line with the mandate received from the company’s shareholders at the Annual General Meeting held on Thursday the 30th day of June, 2016 on her 11th Annual General Meeting.
The facility is in form of $250 million Equity injection and $100 million Convertible Notes. This will help to bail out the Company from the present financial situation.
Japaul therefore seeks the understanding and cooperation of its stakeholders, as it will soon commence the transaction by going through all the laid down rules and regulations of Securities & Exchange Commission (SEC) and The Nigerian Stock Exchange (NSE), because the commitment is still subject to regulatory approvals.
The Company said it shall be communicating this financing commitment to the Shareholders as necessary.
Photo Caption: Paul Jegede, Chairman Japaul Oil & Maritime Services Plc
