Institutional Investment

RNS Number : 0404N

Sound Oil PLC

23 July 2014

 



23 July 2014

Sound Oil plc

("Sound Oil" or the "Company")

Institutional Investment

Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce the issue of shares in respect of the final equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014.

The Company has issued a total of 64,287,500 new ordinary shares in the Company to Metano Capital S.A. (the "New Ordinary Shares"). The issue of the New Ordinary Shares represents the final of two tranches of the £7 million equity issue associated with the institutional funding.  The remaining debt tranche, totaling a further £5.5 million, is expected to complete shortly.

Application has been made for the 64,287,500 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on 28 July 2014.

Following the issue of the New Ordinary Shares, the Company will have 415,300,815 ordinary shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Disclosure and Transparency Rules.

As a result of the issue of the New Ordinary Shares, Metano Capital S.A., a wholly-owned subsidiary of Continental Investment Partners S.A., is now interested in 64,287,500 ordinary shares (representing 15.48 per cent. of the Company's issued share capital, as enlarged by the issue of the New Ordinary Shares).  Marco Fumagalli, a director of the Company, is Managing Partner of, and a 25% shareholder in, Continental Investment Partners S.A..

For further information please contact:

Sound Oil James Parsons, Chief Executive Officer	[e-mail]
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones Ben Jeynes	Tel: [phone]
Peel Hunt - Broker Richard Crichton Charles Batten	Tel: [phone]

 

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