Drawdown on Equity Line
Sound Oil plc
("Sound Oil" or "the Company")
Drawdown on Equity Line
Sound Oil announces that it has drawn down on its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") in the amount of £1 million. This draw down has been undertaken at a price of 2.577p per share and will result in the issue of 38,800,485 ordinary shares of 0.01p each in the Company ("the New Ordinary Shares") to Yorkville.
The proceeds of the draw down will be applied to the funding of Sound Oil's combined work programme and ongoing costs of the Company and its subsidiaries.
Application will be made for the New Ordinary Shares to be admitted to AIM and dealings are expected to commence on 7 March 2011. The New Ordinary Shares will rank pari passu with the Company's existing issued ordinary shares.
For further enquiries please contact:
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Sound Oil plc |
07903 861 145 |
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Gerry Orbell - Chairman
Finncap Sarah Wharry - Corporate Finance Tom Jenkins/Joanna Weaving - Corporate Broking
Buchanan Communications |
020 7600 1658
020 7466 5000 |
Tim Thompson
This information is provided by RNS