Deal with YA Global Master SPV will fund company's work program, costs
By Devika Patel
Knoxville, Tenn., Dec. 15 - Sound Oil plc said it negotiated a three-year standby equity distribution agreement with YA Global Master SPV Ltd. The offering may raise a total of £10 million.
The company will sell up to £10 million of ordinary shares to YA Global at a 5% discount to the prevailing market price during the 10-day pricing period of a drawdown.
The maximum advance that may be requested is 200% of the average daily trading volume of the shares multiplied by the volume-weighted average price of the shares for each of the 10 trading days prior to the drawdown request. The facility may only be drawn down once every 10 days.
Proceeds will be used to fund the combined work program and ongoing costs of the company and its subsidiaries.
The oil and gas exploration company is based in London.
Issuer: | Sound Oil plc
|
Issue: | Standby equity distribution agreement
|
Amount: | £10 million
|
Tenor: | Three years
|
Warrants: | No
|
Investor: | YA Global Master SPV Ltd.
|
Pricing date: | Dec. 15
|
Stock symbol: | London: MPLE
|
Stock price: | 1.35p at close Dec. 15
|
Market capitalization: | £10.04 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.