MX Oil said it has issued notices for the early redemption of the outstanding balance of secured convertible loan notes issued last year and in February.
The company said the total amount to be repaid is £1.66million in aggregate, which includes all redemption payments and accrued interests.
MX Oil’s chief executive, Stefan Olivier said:”We have decided to use part of the proceeds from our recent fund raising to repay the outstanding balance of convertible loan notes. This will significantly reduce our level of indebtedness, making us virtually debt free.”