Business
Bridge Facility Agreement
Bridge Facility Agreement.
About this update from Sound Energy Plc
[{"type":"text","content":"\n\n\n23 August 2024\n \nSound Energy plc\n(\"Sound Energy\" or the \"Company\")\n \nBridge Facility Agreement\n \n \nSound Energy (AIM: SOU), the transition energy company, announces entry into a bridge financing facility agreement pursuant to which up to £1.5 million will be made available to the Company, if drawn down (the \"Facility Agreement\"). The Facility Agreement has been entered into with a high-net-worth individual trading as 2i Partners, introduced by Lyndisfarne Partners ltd, in respect of a short-term bridge facility for up to £ 1.5 million available for three months from 1 September 2024 (the \"Facility\"). The Company has not drawn down any funds under the Facility which, if required, will provide the Company with access to additional working capital resources prior to receipt of funds associated with the sale of Sound Energy Morocco East (\"SEME\") to Managem SA, the terms of which were announced on 14 June 2024.\n \nAny amounts drawn down under the Facility will attract an interest rate of 15 per cent. per quarter and will fall for repayment on the earlier of three-months from the date of draw down or within 3 days of completion of the sale of SEME. The Company will pay the lender a fee of £50,000 in the event that no draw down is made prior to expiry of the availability period and the Facility will, from first draw down, be secured by way of a charge over the shares of Arran Energy Holdings Limited, the Company's wholly owned subsidiary.\n \nThe Facility provides the security of access to working capital for the Company, should it be required, prior to closing of the transaction with Managem, which remains on track within the forthcoming months.\n \nFor further information visit www.soundenergyplc.com follow on X @soundenergyplc, LinkedIn, or contact:\n \n\n\n\n\nFlagstaff Strategic and Investor Communications\nTim Thompson\nMark Edwards\nAlison Allfrey\n \n \n\n\nTel: 44 (0)20 129 1474\[email protected]\n\n\n\n\nSound Energy\nGraham Lyon, Executive Chairman\n \n \n\n\[email protected]\n\n\n\n\nCavendish Capital Markets - Nominated Adviser\nBen Jeynes \nPeter Lynch\n \n \n\n\nTel: 44 (0)20 7220 0500\n\n\n\n\nZeus - Broker\nSimon Johnson\n \n \n\n\nTel: 44 (0)20 3829 5000\n\n\n\n\n\n\n\n\n\nGneiss Energy Lim...