Independent Resources has raised £200,000 to cover its capital costs in the short term.
The firm, which has activities in Tunisia, Egypt and Italy, amassed the cash through a subscription by investors introduced through Brandon Hill Capital Limited.
Chief executive Greg Coleman said: “I am pleased that the Company has secured additional short term working capital as we continue to work towards putting the Company on a sounder longer term financial footing.
“The loan arrangements give IRG flexibility of conversion and will provide an important bridge to allow us to progress to collection of revenues in Egypt and advance other initiatives for the benefit of shareholders. We look forward to updating the market on our progress on these initiatives as they develop.”
The convertible loans are unsecured and interest shall accrue daily on the convertible loans at a rate of 5%. per week of the principal amount of the convertible loans until their repayment.