Curzon Energy Plc announced a refinancing and extension of the outstanding loan between Poseidon Plastics Limited and the company. As announced on 3 February 2021, Curzon and PET have entered into a loan agreement by which a facility of £500,000 was made available to fund the ongoing expenses of the business as well as to fund a period of exclusivity. This original facility was due for repayment on 14 February 2022 and during the course of the year, £485,000 was drawn down under the agreement.

The Parties have now agreed to increase the size of the facility by £245,000 and to refinance all outstanding amounts as well as any further amounts to be drawn down under the amended facility, to 14 February 2023. All amounts drawn down currently and under the amended facility shall continue to accrue interest at the rate of 10% per annum. The purpose of the loan is to fund an ongoing period of exclusivity, now extendable until 30 September 2022 as required, during which the parties are working on a potential transaction, which if completed, would constitute a reverse takeover under the Listing Rules.

The parties continue to work towards the execution and delivery of a definitive purchase agreement, contemplating a reverse takeover of Curzon by PET which, will be conditional upon receipt of the required regulatory approvals from the FCA and its primary market functions, among other matters.