ADX Energy completes $1.2M raise for Vienna Basin

• ADX Energy has finalised its Loan Note Financing Agreements to raise $1.2 million
• Included in the Loan is the $150,000 provided equally by ADX’s directors
• The funding will go towards the Zistersdorf and Gaiselberg Fields

ADX Energy has completed the process to raise $1.2 million for its onshore Zistersdorf and Gaiselberg Fields in the Vienna Basin, Austria.

Included in the $1.2 million is the $150,000 provided equally by ADX’s directors.

A key terms in the agreement include a loan term of six months, a loan interest of 10 per cent per annum and ASX can terminate the loan at any time from the October 12 2019.

The lender has the option to convert part or all of the loan into ADX shares prior to Termination at a share price of 0.07¢.

ADX is a Perth based oil and gas exploration company with projects in North Africa, Europe and Australia.

Executive Chairman Ian Tchacos is pleased with the agreement.

“It is a very exciting time for ADX as we approach the commencement of drilling of the Iecea Mica 1 appraisal well in Romania,” he said.