Gulfsands Petroleum PLC Placing to raise approximately £1.5 million (8284G)

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                        [phone] 
John Bell, Managing Director 
 Andrew Morris, Finance Director 
 James Ede-Golightly, Non-Executive Chairman 
 
Cantor Fitzgerald Europe 
 Sarah Wharry 
 Craig Francis                                 [phone] 
 

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

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August 10, 2016 08:24 ET (12:24 GMT)