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Gulfsands to Secure GBP 4 million Financing

Source: www.gulfoilandgas.com 11/29/2019, Location: Europe

Gulfsands Petroleum plc, 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.

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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