Company offers 230 million shares at 1.4p apiece, a 31.71% discount
By Devika Patel
Knoxville, Tenn., Jan. 18 - Sound Oil plc said it has completed a private placement of stock. The deal took in £3.22 million.
The company sold 230 million ordinary shares at 1.4p per share, a 31.71% discount to the Jan. 17 closing share price of 2.05p.
Proceeds will provide working capital headroom, allowing a faster approach to the planned work program on the company's Italian assets.
The oil and gas exploration company is based in London.
| Issuer: | Sound Oil plc
|
| Issue: | Ordinary shares
|
| Amount: | £3.22 million
|
| Shares: | 230 million
|
| Price: | 1.4p
|
| Warrants: | No
|
| Underwriter: | Citigroup Global Markets U.K. Equity Ltd.
|
| Settlement date: | Jan. 18
|
| Stock symbol: | London: SOU
|
| Stock price: | 2p at close Jan. 18
|
| Market capitalization: | £26.35 million
|
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