UK Oil & Gas Regulatory News (UKOG)

7 Apr 2008 08:47

Sarantel Group PLC07 April 2008 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTOTHE UNITED STATES, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA ORANY JURISDICTION IN WHICH SUCH PUBLICATION IS UNLAWFUL. 7 April 2008 Sarantel Group PLC ("Sarantel" or the "Company") Placing to raise approximately £400,000 Sarantel announces that it has conditionally raised approximately £400,000,before expenses, from a placing of 13,333,400 A Ordinary Shares of 1 pence eachin the capital of the Company ("A Ordinary Shares") at 3p per share (the "Placing Shares") with an institutional investor (the "Placing"). The Placing isconditional on, amongst other things, the passing of certain resolutions at thegeneral meeting of the Company and on admission of the new A Ordinary Shares totrading on AIM. The net proceeds of the Placing, amounting to approximately £380,000, willaugment the proceeds of the recently announced placing. Following the proposed Placing, the Company will have 190,936,331 ordinaryvoting shares in issue. It is intended that application will be made for the AOrdinary Shares to be admitted to trading on AIM. Dealings in these shares areexpected to be on 28 April 2008. Further information: SarantelDavid Wither, Chief Executive Officer 01933 670 560Sitkow Yeung, Finance Director John East & Partners Limited 020 7628 2200John East/Simon Clements College Hill 020 7457 2020Adrian Duffield/ Ben Way This announcement is for information purposes only and does not constitute anoffer or invitation to acquire or dispose of any securities or investment advicein any jurisdiction. John East & Partners Limited, which is authorised and regulated by the FinancialServices Authority, is acting exclusively for the Company and no one else inconnection with the Placing and will not be responsible to anyone other than theCompany for providing the protections afforded to customers of John East &Partners Limited or for providing advice in relation to the Placing or anytransaction or any other matters referred to herein. Past performance is no guide to future performance and persons needing adviceshould consult an independent financial adviser. The information contained in this announcement is not for release, publicationor distribution, directly or indirectly, to persons in the United States,Australia, Canada, Japan or the Republic of South Africa or in any jurisdictionin which such publication or distribution is unlawful. The Placing Shares havenot been and will not be registered under the United States Securities Act of1933, as amended, or under the laws of any state of the United States. Thisannouncement does not constitute an offer to sell or issue, or the solicitationof an offer to buy or subscribe for, securities in the United States, Australia,Canada, Japan or the Republic of South Africa or in any jurisdiction in whichsuch offer or solicitation is unlawful and should not be relied upon inconnection with any decision to acquire Placing Shares or other securities inthe capital of the Company. There will be no public offer of Placing Shares inthe United Kingdom or elsewhere. This information is provided by RNS The company news service from the London Stock Exchange