The marine fuel, lubricant trading and broking firm, Glander International Bunkering, will receive 3.25 million shares – equivalent to a 5.67% stake – in exchange for debt and interest owed by the marine seismic data provider.
In a financial release, it was revealed that SeaBird Exploration had owed Glander International Bunkering (Glander) some $1,911,896 plus accrued interest as of 3 June 2017. Following the agreement, a remaining claim of Glander under the Glander Credit Facility of $440,591 will be amended with the maturity date being extended until 30 June 2020.
The agreement is one of a number executed by SeaBird Exploration as part of a refinancing exercise. In addition to Glander’s shareholding, parent company Ordinat Shipping and North Energy Capital have acquired 30% and 7.8% stakes in the company respectively.
‘As stated in the Company’s Q1 2017 financial report, the Company requires additional funding for working capital purposes,’ SeaBird Exploration stated. ‘The Company continues its efforts to obtain new equity financing and is in active dialogue with potential capital sources in such respect.’
It also advised that any issue of further equity capital was likely to result in substantial dilution to existing shareholders.
‘There can be no guarantee that sufficient additional financing is available in a timely manner, and the absence of additional financing would have the effect that the Company will be unable to continue operations,’ SeaBird Exploration said.