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InfraStrata Repaid Loan from Baron Oil

Source: www.gulfoilandgas.com 3/29/2017, Location: Europe

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InfraStrata plc, the independent gas storage company, announces that following the completion of the placing to raise £810,000 before expenses announced on 27 February 2017, it has now repaid the £200,000 drawn down on the secured loan facility with Baron Oil plc (Baron) which was entered into on 5 January 2017. The loan facility will now be cancelled.

The loan was secured by, inter alia: (i) a first-ranking debenture over the undertakings and assets of InfraStrata UK Limited (InfraStrata UK), the wholly owned subsidiary of the Company which owns 90% of Islandmagee Storage Limited (IMSL); and (ii) charges over shares in InfraStrata UK (granted by the Company) and IMSL (granted by InfraStrata UK). Following repayment of the loan these security arrangements will now be released.

Baron remains entitled to receive an additional £200,000 (the "Additional Payment") in the event of a sale or disposal by InfraStrata or its subsidiaries, IMSL and InfraStrata UK, of substantially all of their assets, which comprise interests in the Islandmagee gas storage project, and/or a change in control of InfraStrata, IMSL or InfraStrata UK, within two years from the date of the loan agreement. In the event of a partial disposal of InfraStrata, IMSL or InfraStrata UK's interests in the Islandmagee gas storage project (whereby InfraStrata and InfraStrata UK retain control of IMSL), the Additional Payment will be reduced to £100,000, with the remaining £100,000 payable in the event of a subsequent disposal or change in control of IMSL or the Islandmagee gas storage project during the two year period.

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