Business
Fundraise to raise £4 million
Fundraise to raise £4 million.
About this update from Sound Energy Plc
[{"type":"text","content":"\n \n \n \n The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulation (\"MAR\") (EU) No. 596/2014, as incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.\n \n \n \n \n \n \n 8 June 2022\n \n \n \n Sound Energy plc\n \n \n \n (\"Sound Energy\" or the \"Company\")\n \n \n \n \n \n \n \n \n Fundraise to raise £4 million\n \n \n \n \n \n \n \n \n Sound Energy, the transition energy company, is pleased to announce that it has conditionally raised £4 million (before expenses) by way of a placing and subscription (together, the \"Fundraise\") of a total of 200,000,000 new ordinary shares of 1 pence each (each a \"Fundraise Share\" and together the \"Fundraise Shares\") in the Company at a price of 2.0 pence per share (the \"Issue Price\").\n \n \n \n \n \n \n \n \n Highlights of the Fundraising\n \n \n \n \n \n \n \n \n ·\n Total of £4 million raised at 2.0 pence per share to progress a number of key value creating projects, principally the pre-development work on the Tendrara Phase 2 pipeline to FID, corporate new ventures activities and corporate G&A\n \n \n o\n £2.88 million raised via a placing with institutional and other investors through the issue of 144,225,000 Fundraise Shares (the \"Placing\")\n \n \n o\n £1.12 million raised via a direct subscription with the Company through the issue of 55,775,000 Fundraise Shares (the \"Subscription\")\n \n \n ·\n Sound Energy directors participated in the Subscription, subscribing for an aggregate of 60,000 of Fundraise Shares\n (the \"Director Participation\")\n \n \n ·\n The Fundraise Shares have been placed with/subscribed for by institutional and other investors and included participation by Sound Energy's existing shareholder, Afriquia Gaz S.A.\n \n \n \n \n \n In respect of the Fundraise, SP Angel Corporate Finance LLP (\"SP Angel\") acted as broker and bookrunner to the Company and Gneiss Energy Limited (\"Gneiss\") acted as financial adviser and placing agent to the Company.\n \n \n \n \n \n \n Graham Lyon, Sound Energy's Executive Chairman, commented:\n \n \n \n \n \n \n \"\n Today's Fundraise provides Sound Ene...