San Leon Energy has agreed the terms of a conditional placing of 331,313,333 new Ordinary Shares in the issued share capital of the Company (the "Placing Shares") at 18 pence per Placing Share (the "Placing Price"), to placees on and subject to the terms and conditions of this announcement (including the Appendix), raising gross proceeds of approximately £59.6 million (the "Placing").

The Placing Shares represent approximately 75.9 per cent. of the issued share capital of the Company as at the date of this announcement and approximately 43.1 per cent. of the issued share capital of the Company as it is expected to be immediately following completion of the Placing.

The Placing Shares will be issued credited as fully paid and will rank pari passu with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid on or in respect of such shares after the date of issue of the Placing Shares.

Macquarie Capital (Europe) Limited ("Macquarie Capital") is acting as sole bookrunner and co-lead manager. Fox-Davies Capital Limited ("FoxDavies") is acting as co-lead manager.

Tags: San Leon Energy