MNP PETROLEUM CORPORATION MNP Petroleum Corp. announced that pursuant to the terms of the binding private placement agreement dated November 30, 2014 Stichting VB Vagobel has requested to extend the Closing date to March 26, 2015. Vagobel has recently informed MNP that, due to the complex nature of its own restructure, which involves various banks and other projects of Vagobel, Vagobel requires additional time to finalize its financing facility.
In discussing the terms of the requested extension, both parties have agreed that, as a closing guarantee and a sign of continued commitment, Vagobel will issue on behalf of MNP an irrevocable Standby Letter of Credit in the amount of USD 62 million. The parties are discussing the terms of the Standby Letter of Credit.
