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(Alliance News) - Sound Energy PLC confirmed on Wednesday it has raised GBP1.4 million as it looks to sell off Moroccan assets.
Earlier Wednesday, the company said it planned to raise GBP1.5 million, placing shares at 2.0 pence each. It has issued 75.0 million shares at 2.0p each.
Sound shares were 29% lower on Wednesday afternoon at a price of 2.07p each. Just under a year ago, they were worth over 30p, and were nearly at 100p in 2016.
"On the back of the recent UK election result and following recent inbound interest in our company, the board is proposing to take the opportunity to strengthen our capital position via this proposed fundraising, ensuring we maintain strong financial headroom whilst we progress the previously announced prospective transaction," said interim Chair Marco Fumagalli in the original placing announcement.
In November, Sound announced the sale of most of its eastern Morocco assets for USD112.8 million, after deciding to look at options for the Tendrara and Anoual sites in May. It will keep a 23% stake following the sale.
By George Collard; georgecollard@alliancenews.com
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