Sound Oil (LON:SOU) has today confirmed the details of a proposed share sale to existing investors.
At the end of April the company revealed it would raise £12mln through a placing of new shares ti a majoir backer, and it also said a separate open offer would be extended to existing shareholders.
Today, Sound confirmed that eligible shareholders would be able to buy 1 new share for every 23 shares they already own. New shares are priced at 19p each, and the open offer could see a total of £3.46mln if the scheme is fully subscribed.
Participating shareholders will also receive warrants, which can be exercised within five years for additional new shares at a price of 25p.
The company also detailed the timetable for the open offer process – notably the record date for the scheme is May 15 (i.e. shareholders on the register on that day can participate) and the new open offer shares are expected to be admitted to trading on AIM on June 10.