Timan Oil & Gas receives loans from Directors as funding remains difficult
Tuesday, August 12, 2008
Timan Oil & Gas is still struggling to raise funds to allow it to continue to trade.
The Company said that it has not been possible to secure any bond financing in the international capital markets and the Company is therefore seeking loan and or equity finance.
Alexander Kapalin and Boris Royter, a significant shareholder in Timan and co-founder of the Company with Mr Kapalin, have loaned the Company in aggregate £398,000 in order to satisfy short term creditor payments.
Timan's shares remain suspended on AIM.
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