Draw Down of Funds and Issue

RNS Number : 4392T

Gulf Keystone Petroleum Ld

05 June 2009

 



Not for release, publication or distribution in or into jurisdictions other than the United Kingdom and Bermuda where to do so would constitute a contravention of the relevant laws of such jurisdiction

 5 June 2009

Gulf Keystone Petroleum Ltd.

("Gulf Keystone" or "the Company")

Draw Down of Funds and Issue of Equity 

Gulf Keystone Petroleum Ltd. (AIM: GKP), an independent oil and gas exploration and production company with assets in Algeria and Kurdistan, announces that it has today drawn down £1,600,000 of its £30 million Standby Equity Distribution Agreement (“SEDA”) with YA Global Master SPV Ltd (‘YA’), the signing of which was announced by Gulf Keystone on the 7^th May 2009. 

 

This draw down of funds is the second under the SEDA and brings to £2,400,000 the amount of funds drawn down to date. 

 

Under the terms of the SEDA, the Company has allotted, conditional on admission, 10,950,226 new common shares of $0.01 each to YA. These shares will rank pari passu in all respects with existing issued common shares in the Company. The new common shares have been issued at approximately 14.61 pence per share representing a five per cent discount to the lowest daily volume weighted average price during the eight trading days prior to this announcement.

 

The funds will be used to advance the development of Gulf Keystone’s projects in Kurdistan and Algeria.

 

Application will be made to the London Stock Exchange for 10,950,226 new common shares of $0.01 each to be admitted to trading on AIM. It is expected that the admission will become effective and that trading will commence on 11 June 2009.   

 

The total issued share capital of Gulf Keystone following this allotment will be 402,891,326 Common Shares. The Company does not hold any Common Shares in treasury and so the total number of voting rights in the Company is 402,891,326.

Enquiries

Gulf Keystone Petroleum:	[phone]
Todd Kozel, Executive Chairman
Ewen Ainsworth, Chief Financial Officer
RBC Capital Markets:	[phone]
Sarah Wharry
Tristone Capital Limited:	[phone]
Simon Ashby-Rudd
Majid Shafiq
Citigate Dewe Rogerson:	[phone]
Martin Jackson

or visit: www.gulfkeystone.com

 

END

 

 

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