Sound Energy PLC Bridge Facility Agreement

RNS Number : 5043B

Sound Energy PLC

23 August 2024

 

23 August 2024

 

Sound Energy plc

("Sound Energy" or the "Company")

 

Bridge Facility Agreement

 

 

Sound Energy (AIM: SOU), the transition energy company, announces entry into a bridge financing facility agreement pursuant to which up to £1.5 million will be made available to the Company, if drawn down (the "Facility Agreement"). The Facility Agreement has been entered into with a high-net-worth individual trading as 2i Partners, introduced by Lyndisfarne Partners ltd, in respect of a short-term bridge facility for up to £ 1.5 million available for three months from 1 September 2024 (the "Facility"). The Company has not drawn down any funds under the Facility which, if required, will provide the Company with access to additional working capital resources prior to receipt of funds associated with the sale of Sound Energy Morocco East ("SEME") to Managem SA, the terms of which were announced on 14 June 2024.

 

Any amounts drawn down under the Facility will attract an interest rate of 15 per cent. per quarter and will fall for repayment on the earlier of three-months from the date of draw down or within 3 days of completion of the sale of SEME. The Company will pay the lender a fee of £50,000 in the event that no draw down is made prior to expiry of the availability period and the Facility will, from first draw down, be secured by way of a charge over the shares of Arran Energy Holdings Limited, the Company's wholly owned subsidiary.

 

The Facility provides the security of access to working capital for the Company, should it be required, prior to closing of the transaction with Managem, which remains on track within the forthcoming months.

 

For further information visit www.soundenergyplc.com follow on X @soundenergyplc, LinkedIn, or contact:

 

Flagstaff Strategic and Investor Communications Tim Thompson Mark Edwards Alison Allfrey	Tel: [phone] [e-mail]
Sound Energy Graham Lyon, Executive Chairman	[e-mail]
Cavendish Capital Markets - Nominated Adviser Ben Jeynes  Peter Lynch	Tel: [phone]
Zeus - Broker Simon Johnson	Tel: [phone]
Gneiss Energy Limited - Financial Adviser Jon Fitzpatrick Paul Weidman Doug Rycroft	Tel: [phone]

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

AGRUURRRSRUWUUR