Issue of Equity

RNS Number : 5881I

San Leon Energy PLC

15 March 2010

 



15 March 2010

San Leon Energy Plc

("San Leon" or the "Company")

Proposed Placing to raise approximately £2.4 million

San Leon is pleased to announce that it has conditionally placed 13,142,195 new ordinary shares of EUR 0.05 each par value (the "Placing Shares") at a price of 18.5 pence per share (the "Placing Price"), to raise approximately £2.4 million (before expenses) for the Company from a number of institutional and other investors (the "Placing"). The Placing Price represents a discount of approximately 5.1 per cent. to the closing middle market price of 19.5 pence per share on 12 March 2010, being the last dealing day prior to this announcement. The Placing Shares will represent approximately 3.92 per cent. of the Company's enlarged share capital.

The net proceed of the Placing will provide San Leon with the capital and support to carry out the Company's exploration and development programme across its portfolio of projects in Morocco, Poland, Italy and the USA.

The Placing Shares have been conditionally placed with institutional and other investors by Arbuthnot Securities Limited, Fox-Davies Capital Limited and the Company.  The Placing Shares will, when issued, rank pari passu with the Company's existing issued ordinary shares. Admission and dealings in the Placing Shares are expected to commence on AIM at 8.00 a.m. on 18 March 2010 ("Admission").  Following Admission, the Company will have 335,349,488 ordinary shares in issue.

Oisín Fanning, Chairman of San Leon commented

"We are very pleased to have seized the opportunity and have taken advantage of the continuing support from existing and new shareholders.  The funds raised through this placing will provide San Leon with further financial backing to continue to develop the Company's exciting portfolio of exploration and development projects, building on the recent success of the farm in agreement announced earlier this month with Talisman in Poland."

For further information contact:

San Leon Energy Plc                                      Tel: + 353 1291 6292

Oisin Fanning, Chairman

Philip Thompson, Chief Executive Officer

Arbuthnot Securities                                      Tel: [phone]

Nick Tulloch

Alasdair Younie

Fox Davies Capital                                         Tel: [phone]

James Hehn

Oliver Stansfield

College Hill Associates                                 Tel: [phone]

Nick Elwes

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