SOU – Placing at 37p per share to raise $15 million for three well drilling programme

2 July, 2018 – Sound Energy, the Moroccan focused upstream gas company, is pleased to announce a placing of new ordinary shares to raise US$15 million before costs (the “Placing”). The net proceeds of the Placing of approximately US$14.25 million will strengthen the Company’s cash position as it initiates its high impact three well exploration programme.
 
Sound Energy has today issued, conditional on admission, 30,829,308 new ordinary shares of 1p each (the “Placing Shares”) at a placing price of 37p per Placing Share. The Placing Shares will, when issued, rank pari passu in all respects with the existing ordinary shares.  Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 6 July 2018.
 
At 30 June 2018, the Company’s issued share capital consisted of 1,019,954,543 ordinary shares. Following the issue of the Placing Shares, the Company’s issued share capital will consist of 1,050,783,851 ordinary shares. Each share has one voting right and no shares are held in treasury; these figures may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
 
Full announcement at https://www.soundenergyplc.com