Sirius Petroleum plc (AIM:SRSP) announced that it has signed an agreement for debt facility of $20,000,000 with new investor, Barak Fund SPC Limited a fund managed by Barak Fund Management Limited on January 28, 2019. The debt facility is subject to the satisfaction of all conditions thereto, can be drawn down in specified tranches following first production. The facility has a term of 3 years from the date of the first drawdown and is repayable in four equal instalments of, if the facility is fully drawn, $5 million (plus accrued interest thereon) in the last four quarters of the term of the loan. Commencing from drawdown, interest is charged at 3-month LIBOR plus 10% and is payable quarterly in arrears. The facility may be cancelled and the outstanding amounts of the loans declared immediately due and payable by Barak upon, among other things, a change of control of Sirius or on the disposal of all or substantially all of the assets of Sirius' group.