-- Rex International's (SGX:5WH) subsidiary, Lime Petroleum, will now look to satisfy its overdue cash call obligations through a new super senior bond issue, according to a Thursday filing with the Singapore Exchange.
Shares of the oil and gas exploration company surged over 35% in Friday trading.
The obligations are linked to licenses on the Norwegian Continental Shelf and will provide additional liquidity runway for the company to continue its operations.
Proceeds from the issue will be used for business and operations and are part of Lime's ongoing restructuring process.