28 May 2015
Watson Farley & Williams (“WFW”), a leading international law firm, has advised AIM listed Sound Oil plc (“Sound Oil”) on a £12 million placing and an open offer to other existing shareholders to raise up to £3.46 million, each at an issue price of 19p per ordinary share. Each share issued will be accompanied by a detachable warrant to subscribe for new ordinary shares at an exercise price of 24p.
The shares and warrants under the placing will be issued in two tranches. Issue of the second tranche placing shares and warrants and the shares to be issued under the open offer are subject to shareholder approval at a general meeting to be held on 8 June 2015.
The proceeds from the placing and open offer will be used to progress Sound Oil’s projects in Italy and to fund various strategic transactions, which are currently under negotiation, including a farm-in to the Tendrara Licence, onshore Morocco.
Sound Oil CEO James Parsons, commented: “I am very grateful to Jan, Sarah and the team’s high quality support which has enabled us to secure this funding.”
Jan Mellmann commented: “Sound Oil is a valued client. We are pleased to advise them on this fundraising which will assist with the development of their existing projects and entry into new ventures. This is an exciting time for Sound Oil and we look forward to assisting with its future development.”