2nd Jul 2018 09:59
LONDON (Alliance News) - Sound Energy PLC said Monday it is placing to raise USD15 million through a share placing.
The upstream gas company will place 30.8 million shares at a price of 37 pence per share and expects net proceeds of USD14.25 million. It intends to use the funds to strengthen its cash position ahead of a three-well exploration programme.
The shares are expected to be admitted to the AIM market this Friday and the placing will raise Sound Energy's share capital to 1.05 billion from 1.02 billion.
The company's joint brokers for the deal are RBC and Macquarie Capital (Europe) Ltd.
Shares in Sound Energy were trading down 3.5% at 38.58 pence on Monday.
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Sound Energy