Sound Oil PLC Issue of Equity re RBL Facility (8413C)
January 22 2015 - 2:00AM
UK Regulatory
TIDMSOU
RNS Number : 8413C
Sound Oil PLC
22 January 2015
22 January 2015
Sound Oil plc
("Sound Oil" or the "Company")
Issue of Equity re RBL Facility
Sound Oil, the European / Mediterranean focused upstream oil and
gas company, today announces the issue of 3,906,250 ordinary shares
in the Company (the "New Ordinary Shares") at an effective price of
16 pence per ordinary share (representing an 80.3% premium to the
closing mid-market price per ordinary share on 21 January 2015) in
satisfaction of the introduction fee for the Reserve Based Lending
facility announced by the Company on 13 November 2014 (the
"Facility"). Application will be made for the 3,906,250 New
Ordinary Shares to be admitted to trading on AIM and it is expected
that dealings will commence on 28 January 2015.
As announced by the Company on 13 November 2014, Greenberry
S.A., the provider of the Facility, had agreed for the introduction
fee payable in connection with the Facility to be paid in Sound Oil
shares at an effective issue price of 16 pence per ordinary
share.
As a result of the issue of the New Ordinary Shares, Continental
Investment Partners S.A. ("Continental") is now directly and
indirectly interested in 68,193,750 ordinary shares in the Company,
representing 16.27% of the Company's issued share capital (as
enlarged by the issue of the New Ordinary Shares) and Marco
Fumagalli, a director of the Company, is Managing Partner of, and
25% shareholder in, Continental.
Following the issue of the New Ordinary Shares, the Company will
have 419,207,065 ordinary shares in issue and there are no shares
held in treasury. This is the total number of voting rights in the
Company and may be used by shareholders as the denominator for the
calculations by which they determine if they are required to notify
their interest in, or change to their interest in, the Company
under the Disclosure and Transparency Rules.
James Parsons, Sound Oil's Chief Executive Officer
commented:
"The Nervesa RBL was the second major investment by our
cornerstone investor and fully funds the next Nervesa well, where
we expect site operations to commence shortly.
Sound Oil is on the cusp of a very exciting operational period
with various permits expected imminently, a busy 2015 drill
programme and first gas at Nervesa."
For further information please contact:
Sound Oil
James Parsons, Chief Executive Officer j.parsons@soundoil.co.uk
Smith & Williamson - Nominated Adviser Tel: +44 (0)20 7131 4000
Azhic Basirov
David Jones
Ben Jeynes
Peel Hunt - Broker Tel: +44 (0)20 7418 8900
Richard Crichton
Charles Batten
This information is provided by RNS
The company news service from the London Stock Exchange
END
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