Business
Proposed Placing
Proposed Placing.
About this update from Afentra Plc
[{"type":"text","content":"\n RNS Number : 7170E Sterling Energy PLC 30 September 2008 \n \nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, JAPAN, CANADA OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.\n\n30 September 2008\n\nSTERLING ENERGY PLC\n('Sterling' or the 'Company')\n\nProposed placing of 675,000,000 new Ordinary Shares to raise £13.5 million\n\nSterling, the AIM listed independent oil and gas exploration and production company with interests in the Gulf of Mexico, Africa and the Middle East, today announces that it has conditionally placed 675,000,000 new ordinary shares ('Ordinary Shares') of one pence each (the 'Placing Shares') at 2 pence per share (the 'Placing Price') to raise £13.5 million (before expenses) (the 'Placing').\n\nSummary of the Placing:\n\n\n\nPlacing of 675,000,000 new Ordinary Shares at a placing price of 2 pence to raise £13.5 million (before expenses).\n\n\nProceeds of the Placing, together with the cash the Company will receive from its operating activities, to be used to fulfil a number of near term work commitments and strengthen the working capital position of the Group.\n\n\nPlacing Price represents a discount of 33.3 per cent. to the price of the last reported trade on 29 September 2008.\n\n\n\nA circular, incorporating the Company's interim results for the six months ending 30 June 2008 (the 'Circular'), containing a notice of an extraordinary general meeting of the Company convened for 9.00 a.m. on 17 October 2008, will be sent to shareholders of the Company shortly outlining the terms of the Placing and seeking Shareholder approval to, inter alia, enable the Directors to allot the Placing Shares in connection with the Placing. \n\n\nFor further information contact:\n\nSterling Energy plc (+44 207 405 4133)\nGraeme Thomson, Chief Executive\nJon Cooper, Chief Financial Officer\n\nEv...