Capital Structure Update Following Completion of Financing, and confirmation of Next Asset Match Auction Date
Gulfsands Petroleum plc (“Gulfsands” or the “Company“, the “Group”), the oil and gas company focused on the Middle East region, is pleased to provide details of its new capital structure following the completion of the recent financing which secured £4.1 million and is expected to fund the Company for the next 2 years (the “Financing”).
As a result of the Financing, 42 million New Ordinary Shares have been issued, comprising:
- 22 million New Ordinary Shares as a result of the £1.1 million Placing, in part to the Company’s Major Shareholders and in part to minority shareholders through the Asset Match Platform; and
- 20 million New Ordinary Shares as a result of the Conversion of £1 million of the 2017 Financing Facility by the Major Shareholders.
This takes the total number of outstanding Ordinary Shares in issue to 561,995,785.
In addition, a further £3 million of capacity was added to the 2017 Financing Facility provided by Major Shareholders, to be available for drawdown in three equal tranches on 30 June 2020, 31 December 2020 and 30 June 2021. The total current Outstanding Amount under the 2017 Financing Facility is £8,055,918 (and is expected to become £11,055,918, assuming the drawdown of the additional three tranches). This 2017 Financing Facility no longer incurs interest and the Lenders now have an option to convert the Outstanding Amount into New Ordinary Shares, at any time, at a price of 5 pence per Ordinary Share.
The completion of the Financing also allows the Company to recommence its program of periodic auctions of its Ordinary Shares through the Asset Match platform, and so it can confirm that the next auction is scheduled to close at 4pm on 26 March 2020 on the Asset Match trading facility.
For further information, please refer to the Company’s website at www.gulfsands.com or contact:
|Gulfsands Petroleum Plc||+44 (0)20 3008 4555|
|John Bell, Managing Director|
Andrew Morris, Finance Director
James Ede-Golightly, Non-Executive Chairman
|Camarco||+44 (0)20 3757 4983|
|Billy Clegg / Owen Roberts|
Certain statements included herein constitute “forward-looking statements” concerning the Company within the meaning of applicable securities legislation. These forward-looking statements are based on certain assumptions made by Gulfsands and as such are not a guarantee of future performance. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Gulfsands’ ability to control or estimate precisely, such as general economic and market conditions in various countries and regions, political risks, environmental and physical risks, legislative, fiscal and regulatory developments, drilling and production results, reserves estimates, changes in demand for Gulfsands’ products, increased costs of production or price fluctuations in crude oil and natural gas. Gulfsands cannot give any assurance that such forward-looking statements will prove to be correct. Gulfsands does not undertake any obligation to update or revise publicly any forward-looking statements set out herein, whether as a result of new information, future events or otherwise, except as required by applicable laws.