Results of the General Meeting and Financing Update
Gulfsands Petroleum plc (“Gulfsands” or the “Company“, the “Group”), the oil and gas company focused on the Middle East region, is pleased to announce that at its General Meeting (“AGM”) held yesterday at the offices of Pinsent Masons LLP at 30 Crown Place, Earl Street, London EC2A 4ES, all resolutions put before the meeting were duly passed.
This now allows the Company to proceed with securing the financing of approximately £4 million to fund the Company for the next two years (the “Financing”).
The amendment to the 2017 Secured Financing Facility, as outlined in the General Meeting Circular, and which provides for additional funding of £3 million in three tranches, each available on 30 June 2020, 31 December 2020 and 30 June 2021 respectively, has been duly executed effective today, 29 November 2019. The equity placing of £1.1 million (the “Placing”) will now proceed with an anticipated closing date of 13 December 2019.
As further explained in the General Meeting Circular, shareholders have the opportunity to participate in the Placing through the Asset Match platform, subject to certain conditions being satisfied. The closing date for any applications for the Placing must be received by Asset Match by 4pm on 5 December 2019.
Copies of the General Meeting Circular are still available to download from the Company’s website, www.gulfsands.com.
In light of the upcoming Placing, the regular periodic Asset Match auction has been postponed until after the conclusion of the Placing. Further details will be posted in due course on the Company’s website and on the Asset Match website at www.assetmatch.com.
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.