Source - SMW
Baron Oil has agreed to a modification of the option held by it to acquire equity in Islandmagee Storage Ltd, the gas storage development company owned 90% by InfraStrata.

On 19 August, InfraStrata announced that it had repaid a loan from Baron and had amended the option which accompanied the loan from Baron, so that Baron had an option to acquire a 15% interest in IMSL for a payment of £1,536,498 until 31 March 2017. 

This option has been revised, so that Baron now has an option to acquire the number of ordinary shares of 1p in InfraStrata that represents 16.666% of the enlarged ordinary share capital of InfraStrata (from time to time) for a payment of £1,536,498, until 31 March 2017.  

Exercise of the option in full is conditional on InfraStrata having the requisite authorities under the Companies Act 2006 to issue new ordinary shares in the Company, which will be sought at the Company's next general meeting of shareholders (or earlier if required). 


At 2:29pm:

(LON:BOIL) Baron Oil share price was 0p at 0.48p



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