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Last checked at 
10 Nov 2011 17:34
10 November 2011
Sound Oil plc
("Sound Oil" or "the Company")
Drawdown on Equity Line
Sound Oil announces that it has drawn down on its Standby Equity Distribution Agreement ("SEDA") with YA Global Master SPV Ltd ("Yorkville") in the amount of £350,000. This draw down has been undertaken at a price of 2.6p per share and will result in the issue of 13,461,538 ordinary shares of 0.1p each in the Company ("the New Ordinary Shares") to Yorkville.
The proceeds of the draw down will be applied to the funding of Sound Oil's combined work programme and ongoing costs of the Company and its subsidiaries.
Application will be made for the New Ordinary Shares to be admitted to AIM and dealings are expected to commence on 17 November 2011. The New Ordinary Shares will rank pari passu with the Company's existing issued ordinary shares.
For further information please contact:
Sound Oil Gerry Orbell, Chairman and Chief Executive James Parsons, Chief Financial Officer
| Tel: +44 (0)1372 365745
|
Smith & Williamson - Nominated Adviser Azhic Basirov David Jones
| Tel: +44 (0)20 7131 4000 |
Investec - Broker Charles Batten David Flin Adam Strachan
| Tel: +44 (0)20 7597 4000 |
Buchanan - Financial PR Tim Thompson Ben Romney Helen Chan
| Tel: +44 (0)20 7466 5000
|
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