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Sound Oil signs Heads of Terms with new Institutional Investor


Published Apr 28, 2014
Sound Oil

Sound Oil has signed Heads of Terms with a new Institutional Investor, Continental Investment Partners SA, acting on behalf of itself and entities it controls (together the "Investor").

The Investor has agreed, subject to due diligence and contract, to inject a total of £14 million into the Company at an average price, post warrant exercise, of approximately 9 pence per share (a 69% premium to the closing share price on 24 April 2014).

These funds (net of expenses) will be utilized to fund the drill programme for the next year, including Nervesa and Badile. The Company continues to make progress on potential farm-ins and looks forward to updating shareholders in due course.

Tags: Sound Oil plc




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