InfraStrata repays £0.2m to Baron Oil

Baron Oil announced on Wednesday that InfraStrata had repaid the £0.2m drawn down on the secured loan facility provided by Baron.

The AIM-traded company said it remained entitled to receive an additional £0.2m in the event of a sale or disposal by InfraStrata or its subsidiaries, IMSL and InfraStrata UK, of substantially all of their assets, which comprised interests in the Islandmagee gas storage project, 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 £0.1m, with the remaining £0.1m 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,” its board said in a statement.