UPDATE 1-Petrominerales offers funding to Norway’s InterOil

* Offers to buy up to 28 mln InterOil shrs at NOK16/shr

* Places order for $49 mln InterOil bonds

* Offers financing to InterOil as per existing facility

Aug 25 (BestGrowthStock) – Petrominerales Ltd (PMG.TO: ), which is
looking to take control of Norway’s InterOil Exploration &
Production ASA (IOX.OL: ), said it would provide financing to
InterOil on terms equal to its existing Citibank facility, if
Petrominerales gets a majority stake in InterOil.

Petrominerales said separately it has placed an order for a
maximum of 28.13 million shares of InterOil for $72 million,
offering 16 Norwegian kroner apiece.

Petrominerales, in which Canada’s Petrobank Energy and
Resources (PBG.TO: ) owns a majority stake, has also placed an
order for $49 million principal amount of InterOil bonds.

Petrominerales had already acquired a 7.8 percent stake in
Oslo-listed InterOil and it will not support the offer by West
Face (Norway) as for takeover of the Norwegian company.
[ID:nSGE66R0L9]

In June, West Face, a Toronto-based investment company,
offered 12.5 Norwegian kroner per share for InterOil.

In a press statement, Petrominerales said that in case its
order for InterOil shares and bonds is successful, it would
commence a mandatory offer for the remaining InterOil shares as
per the Norwegian Securities Trading Act.

Petrominerales shares, which have lost about one-third of
their value since touching a year high in late March, were down
58 Canadian cents at C$24.17 in afternoon trade Wednesday on
The Toronto Stock Exchange. InterOil shares closed up 19
percent at 13.8 Norwegian kroner on Oslo Bors Stock Exchange.
(Reporting by Ashutosh Joshi in Bangalore; Editing by
Gopakumar Warrier)

UPDATE 1-Petrominerales offers funding to Norway’s InterOil