Argos Resources to Raise Funds for License Extension
June 24 2022 - 09:36AM
Dow Jones News
By Michael Susin
Argos Resources Ltd. said Friday that it is in discussions with
the Falkland Islands government to extend its PL001 license, and
that it will raise additional funds for the technical commitments
of the project.
In addition, the oil-and-gas company, which is focused on the
North Falkland Basin, said that Chairman Ian Thomson has agreed to
provide it with a loan of up to 110,000 pounds ($134,871) that
later could be converted into new shares.
Argos Resources said the loan, together with its existing
resources, will provide sufficient working capital until July
2023.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
June 24, 2022 09:21 ET (13:21 GMT)
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