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Gulfsands to secure GBP 4 million financing
29 Nov 2019
Gulfsands Petroleum, the oil and gas company focused on the Middle East region, has announced that at its General Meeting ('AGM') all resolutions put before the meeting were duly passed.
This now allows the Company to proceed with securing the financing of approx. £4 million to fund the Company for the next two years.
The amendment to the 2017 Secured Financing Facility, as outlined in the General Meeting Circular, and which provides for additional funding of £3 million in three tranches, each available on 30 June 2020, 31 December 2020 and 30 June 2021 respectively, has been duly executed effective today, 29 November 2019. The equity placing of £1.1 million will now proceed with an anticipated closing date of 13 December 2019.
As further explained in the General Meeting Circular, shareholders have the opportunity to participate in the Placing through the Asset Match platform, subject to certain conditions being satisfied. The closing date for any applications for the Placing must be received by Asset Match by 4pm on 5 December 2019.
In light of the upcoming Placing, the regular periodic Asset Match auction has been postponed until after the conclusion of the Placing. Further details will be posted in due course on the Company’s website and on the Asset Match website at www.assetmatch.com.
Source: Gulfsands Petroleum