PNG Energy Investors has put an extra US$2.25 million into a convertible loan to InterOil, from its original US$5.4 million investment. It has now put a total of US$7.65 million (A$12.68) into InterOil.
This gives them an 8.5 percent participation interest in the current InterOil drilling program, and gives PNG Energy Investors the right to convert initial US$5.4 million into InterOil stock at C$15.00 per share (A$1.71 per CDI). The new injection of US$2.25 million has the same terms but at an increased conversion price of C$17.00 per share (A$1.94 per CDI).
The deal has to be ratified by shareholders.
