June 30 (Reuters) - Gulfsands Petroleum Plc said onTuesday it planned to raise up to $22 million, most of itthrough a placing of shares to institutional investors, to repaydebt and for working capital purposes.
The oil and gas producer also said Weighbridge Trust Ltdwould acquire the Arawak Loan Facility, acting as an agent forexisting Gulfsands shareholders Waterford Finance and InvestmentLtd and Richard Griffiths.
Waterford and Richard Griffiths own 28 percent and 9 percentstakes respectively in Gulfsands.
Dubai-based Arawak Energy had agreed to provide a $20million loan facility to Gulfsands in November to fund thedevelopment of its Moroccan interests.
Gulfsands - which operates in Syria, Morocco, Tunisia andColombia - said a smaller part of the fundraising would bethrough an open offer to all shareholders. (Reporting by Aastha Agnihotri in Bengaluru; Editing by AnupamaDwivedi)