29th Jul 2020 14:24
Sound Energy PLC - Morocco-focused upstream gas firm - Raises GBP2.8 million through placing of 129.4 million shares at 2.125 pence each. Added that it intends to raise a further GBP1.8 million by way of broker option through issue of 82.4 million shares. Placing price of 2.125p represents 1.5% discount to Tuesday closing price of 2.1575p. States the new cash in addition to its existing resources will be sufficient to meet working capital requirements through to March 2021. It adds funds will also allow it to continue moving phase one development of the Tendrara production concession towards a final investment decision as well as progressing other corporate objectives including maturing options to seek to restructure its 2021 Eurobond obligations and secure project financing options.
Certain directors intend to subscribe for broker option shares worth up to GBP65,000.
Current stock price: 2.14p
Year-to-date change: up 4.4%
By Ife Taiwo; [email protected]
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