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Sound Energy PLC - London-based Morocco-focused upstream gas company - Raises £4 million to mainly fund work on the Tendrara Phase 2 pipeline. Issues 200 million shares at 2.0 pence each, below its share price of 2.09p when it was announced. £2.88 million worth of shares are placed, £1.12 million are raised via direct subscription, firm explains.
‘Today's fundraise provides Sound Energy with a stronger financial base in order to progress our activities to deliver planned business growth, including enabling pre-development work up to a final investment decision on our phase 2 gas pipeline development, and complements the project financing that we have secured for our phase 1 micro liquefied natural gas development,’ says Executive Chair Graham Lyon.
Current stock price: 1.93 pence, down 19% on Wednesday
12-month change: up 27%
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