Gulfsands Petroleum PLC Placing to raise approximately £1.5 million (8284G)
10 August 2016 - 10:24PM
UK Regulatory
TIDMGPX
RNS Number : 8284G
Gulfsands Petroleum PLC
10 August 2016
GULFSANDS PETROLEUM PLC
Placing to raise approximately GBP1.5 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 GBP1.5
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 Percentage Number Number Percentage
of ordinary of ordinary of Placing of ordinary of Enlarged
shares shares Shares shares Share
before before subscribed held Capital
Placing Placing for in following
the Placing Placing
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
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August 10, 2016 08:24 ET (12:24 GMT)
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