SPI Energy entered into amendment agreement with BVI-incorporated company

SPI Energy Co., Ltd., the global provider of renewable energy solutions, entered into an amendment agreement with respect to the company’s convertible bond financing from December 2014, when the company had entered into a definitive agreement with Union Sky Holdings Group Limited and issued a convertible promissory note of US$20mln to a special purpose vehicle of Union Sky.

The maturity date for this note was June 28, 2016, and in February 2017, SPI entered into an amendment agreement with the purpose to extend the maturity dates of the note to April 2017, January 2018 and January 2019. However, there has been no repayment made pursuant to this amendment, and on June 29, 2018 the company entered into another amendment agreement with the SPV and Magical Glaze Limited, registered in the British Virgin Islands. Pursuant to this agreement, all the rights and obligations under the agreement and the first amendment have been transferred to the BVI company, with the extension of the last maturity date to December 2020.

BVI group provided update on Swala transaction

Orca Exploration Group Inc. announced that it has agreed to extend to July 13, 2018 the date of the completion of the second and third closing of the previously announced investment by Swala Oil & Gas plc in BVI company’s subsidiary PAE PanAfrican Energy Corporation. There is no guarantee that the transactions will be completed by this date, or on the terms previously disclosed. 

Orca Exploration also announced the closing of the deferred consideration portion of the first closing of the Swala Investment, pursuant to which Orca has received Swala convertible preferred shares of US$3,966,500 worth.

Orca is an international public company engaged in natural gas exploration, development and supply in Tanzania through its wholly-owned subsidiary, PAET. Swala is an independent oil & gas exploration company having a significant Tanzanian ownership.