31st Jul 2015 07:46
LONDON (Alliance News) - Gulfsands Petroleum PLC Friday said it will be sending shareholders a circular detailing its proposed USD22 million fundraising and stressed it is trying to complete the transaction in a "timely manner".
At the end of June, Gulfsands said it was preparing to conduct a fundraising of USD22 million via a placing and open offer to pay back its Arawak loan facility and to repay its creditors and provide working capital.
However, on Friday, the company said it expects to raise the entire USD22 million by an open offer, which requires it to publish an open offer prospectus. No details concerning the open offer were released.
"The company is working with its advisers and the various regulatory authorities to complete the fundraising in a timely manner. At present, the company is preparing a circular for shareholders to include details of the fundraising and a notice of an extraordinary general meeting to approve the resolutions to facilitate the fundraising," it said in a statement.
"The company will provide a further update on the proposed fundraising in due course," it added.
Gulfsands shares were down 1.4% to 9.00 pence per share on Friday morning.
By Joshua Warner; [email protected]; @JoshAlliance
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