Business
Placing to Raise £3.22 millio
Placing to Raise £3.22 millio.
About this update from Sound Energy Plc
[{"type":"text","content":"\n RNS Number : 5720Z Sound Oil PLC 17 January 2011 \n \n\n\n\n\n\nFor immediate release\n\n\n17 January 2011\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 \nPlacing to Raise £3.22 million \n \n \nSound Oil (AIM: SOU), the upstream oil and gas company with assets in Indonesia and Italy, today announces that it has raised £3.22 million before expenses in response to institutional investor demand through a placing (the \"Placing\") of 230,000,000 new ordinary shares of 0.1p each (\"Ordinary Shares\") at 1.4p per share (the \"Placing Shares\"). \n \nThe Company announced a placing of Ordinary Shares on 15 December 2010 in conjunction with the acquisition of Consul Oil & Gas Limited. The placing in December raised £3.7 million for the Company which, together with a £10 million Standby Equity Distribution Agreement (\"SEDA\") signed with YA Global Master SPV Ltd, an investment fund managed by Yorkville Advisors LLC, will be used to fund the enlarged group's work programme for an initial 12 months. This additional Placing will provide the Company with further working capital headroom allowing a faster approach to the planned work programme on the Company's Italian assets.\nApplication has been made for the Placing Shares to be admitted to trading on AIM and dealings are expected to commence in the Placing Shares on 20 January 2011. \n \nCommenting on the Placing, Gerald Orbell, Chief Executive of Sound Oil said:\n \n\"We are extremely pleased with the support the Company has received from its investors in recent weeks. This latest fundraising, which was heavily oversubscribed, will allow Sound to develop its recently acquired Italian assets at a faster rate than originally planned.\"\n \nFor further information please contact:\n ...