Sound Energy yesterday announced the launch of institutionally underwritten Offers to raise £24.1 million at 81 pence per New Ordinary Share.
“The Company is delighted to announce that following excess applications under the Offers the overall size of the Offers has been increased,” it said.
The Company has therefore accepted applications to subscribe for an aggregate of 33,239,323 New Ordinary Shares resulting in gross proceeds of £26.9 million being raised.
The Company has therefore today issued and allotted a total of 33,239,323 New Ordinary Shares to satisfy the Offers and, as a result of the excess applications, application has been made to the London Stock Exchange for an additional 3,440,436 New Ordinary Shares, which rank pari passu with the Company’s existing ordinary shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 30 November 2016.
The net proceeds of the Offers are approximately £24.3 million.
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