Information  X 
Enter a valid email address

Gulfsands Petroleum (GPX)

  Print          Annual reports

Wednesday 10 August, 2016

Gulfsands Petroleum

Placing to raise approximately £1.5 million

RNS Number : 8284G
Gulfsands Petroleum PLC
10 August 2016
 

GULFSANDS PETROLEUM PLC

 

Placing to raise approximately £1.5 million

 

10 August 2016

 

Gulfsands Petroleum plc ("Gulfsands", the "Group" or the "Company" - AIM: GPX), the oil and gas company with activities in Syria, Tunisia, Colombia and Morocco, is pleased to announce that it has today received commitments to raise approximately £1.5 million by a placing of 47,272,344 new ordinary shares at 3.125 pence per share ("Placing Shares"), the mid-market closing price per ordinary share on 9 August 2016 (the "Placing").

 

The Placing Shares have been subscribed for by existing shareholders in the Company, Waterford Finance & Investment Limited, companies owned and/or controlled by Richard Griffiths, and ME Investments Limited (together the "Significant Shareholders"), and the proceeds will be used for general working capital purposes.

 

Application has been made for the admission of the Placing Shares to trading on AIM and dealings are expected to commence on 16 August 2016.

 

The subscription for the Placing Shares by the Significant Shareholders is considered a related party transaction pursuant to the AIM Rules.  The independent Directors of Gulfsands consider, having consulted with the Company's Nominated Adviser, that the terms of the Placing are fair and reasonable insofar as the shareholders of Gulfsands are concerned.

 

Following the Placing the total number of ordinary shares in the Company in issue is 519,995,785 and the interests of the Significant Shareholders are as follows:

 

Shareholder

Number of ordinary shares before Placing

Percentage of ordinary shares before Placing

Number of Placing Shares subscribed for in the Placing

Number of ordinary shares held following Placing

Percentage of Enlarged Share Capital

Waterford

184,271,626

38.98%

9,770,992

194,042,618

37.32%

Griffiths

148,779,245

31.47%

14,877,924

163,657,169

31.47%

ME Investment

50,000,000

10.58%

22,623,428

72,623,428

13.97%

Others

89,672,570

18.97%

0

89,672,570

17.24%

Total

472,723,441

100.00%

47,272,344

519,995,785

100.00%

 

For further information, please refer to the Company's website at www.gulfsands.com or contact:

 

Gulfsands Petroleum Plc

+44 (0)20 7464 4490

John Bell, Managing Director

Andrew Morris, Finance Director

James Ede-Golightly, Non-Executive Chairman




Cantor Fitzgerald Europe

Sarah Wharry

Craig Francis

+44 (0)20 7894 7000

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
MSCAKKDBBBKDKFD

a d v e r t i s e m e n t