10 July 2014
Sound Oil plc
("Sound Oil" or the "Company")
Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce the issue of shares in respect of the first equity tranche of the £14 million institutional funding first announced by the Company on 25 April 2014.
Following receipt of a cash payment of £1.86 million, the Company has issued a total of 23,212,500 new ordinary shares in the Company to related parties of Continental Investment Partners S.A. (the "New Ordinary Shares"). The issue of the New Ordinary Shares represents the first of two tranches of the equity issue associated with the institutional funding. The remaining equity tranche, totaling a further £5.14 million, is expected to complete during July 2014.
Application has been made for the 23,212,500 New Ordinary Shares to be admitted to trading on AIM and it is expected that dealings will commence on 16 July 2014.
Following the issue of the New Ordinary Shares, the Company will have 351,013,315 ordinary shares in issue and there are no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or change to their interest in, the Company under the Disclosure and Transparency Rules.
As a result of the issue of the New Ordinary Shares, Simplify Partners S.A., a related party of Continental Partners S.A. is now interested in 15,000,000 ordinary shares. This holding represents 4.27 per cent. of the Company's issued share capital, as enlarged by the issue of the New Ordinary Shares.
For further information please contact:
James Parsons, Chief Executive Officer
Smith & Williamson - Nominated Adviser
Tel: 44 (0)20 7131 4000
Peel Hunt - Broker
Tel: 44 (0)20 7418 8900