8th Jun 2022 14:30
Sound Energy PLC - London-based Morocco-focused upstream gas company - Raises GBP4 million to mainly fund work on the Tendrara Phase 2 pipeline. Issues 200 million shares at 2.0 pence each, below its share price of 2.09p when it was announced. GBP2.88 million worth of shares are placed, GBP1.12 million are raised via direct subscription, firm explains.
"Today's fundraise provides Sound Energy with a stronger financial base in order to progress our activities to deliver planned business growth, including enabling pre-development work up to a final investment decision on our phase 2 gas pipeline development, and complements the project financing that we have secured for our phase 1 micro liquefied natural gas development," says Executive Chair Graham Lyon.
Current stock price: 1.93 pence, down 19% on Wednesday
12-month change: up 27%
By Tom Budszus; [email protected]
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