Business
Acquisition and Placing
Acquisition and Placing.
About this update from Sound Energy Plc
[{"type":"text","content":"\n RNS Number : 0291Y Sound Oil PLC 15 December 2010 \n \n\n\n\n\n\nFor immediate release\n\n\n15 December 2010\n\n\n\n\n \n \n \nTHIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. THIS ANNOUNCEMENT IS NOT AN OFFER OF SECURITIES IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL. \n \nSound Oil PLC\n \n(\"Sound Oil\" or \"the Company\")\n \nAcquisition and Placing to Raise £3.7 million \n \n \nSound Oil (LSE: SOU), the upstream oil and gas company with assets in Indonesia, today announces that it has conditionally acquired 96 per cent of the issued share capital of Consul Oil & Gas Limited (\"Consul\"), a private UK exploration and production company with licences in Italy (the \"Acquisition\"). \n \nThe consideration of approximately £4.62 million will be satisfied by the payment of approximately US$2.19 million (£1.39 million) in cash and the issue of 269,127,983 New Ordinary Shares in the capital of Sound (\"Ordinary Shares\"). In addition, the Company will also purchase from RAB Octane (Master) Fund Limited (\"RAB\") an existing loan and associated interest from RAB to Consul of approximately €1.15 million. \n \nSound has also made an offer to acquire the remaining 4% of the issued share capital of Consul which, if accepted, will result in an additional cash payment of US$93,333 and the issue of a further 11,111,110 New Ordinary Shares in Sound.\n \nThe Company also announces a conditional placing (\"Placing\") of 311,251,000 New Ordinary Shares at 1.2p per share (\"Placing Shares\") to raise approximately £3.7 million, before expenses.\n \nIn addition, the Company announces that it has entered into a £10 million Standby Equity Distribution Agreement (\"SEDA\") with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC, further details of which are set out below. \n \nThe net proceeds of the Placing, together with the available funds under the SEDA, will be used to fund the ...