Sound Oil completes £14 million Institutional Investment
Sound Oil, the Mediterranean focused upstream oil and gas company, is pleased to announce the completion of the final stage of the £14 million institutional investment first announced by the Company on 25 April 2014.
The Company has now issued the remaining £5.5 million of loan notes to Greenberry S.A., a wholly owned subsidiary of Continental Investment Partners S.A., (the “Investor”) together with the issue of 52,884,615 detachable warrants to subscribe for new ordinary shares in the Company at a price of 10.4 pence per share at any point during the period of the loan. The terms of the loan notes were announced by the Company on 18 June 2014.
As previously announced on 18 June 2014, the existing £1 million loan from Simon Davies, a director of the Company, has now been converted into a new loan with the same par value, an annual coupon of 10% and repayable 3 years from the date of issue. As a result, Simon Davies has been issued with 9,615,385 warrants on the same terms as the Investor’s warrants.