Sunda Energy plc has raised a total of £710,000, via a subscription and a now completed retail offer, for an aggregate 2.84 billion shares and 1.42bn warrants.
TVRs
The 15 October subscription raised gross £240,000 for 960 million new ordinary shares at the issue price, along with 480m warrants.
The retail offer was oversubscribed and more than doubled its initial target of £230,000, by raising £470,000 at a price of 0.025 pence per share.
Sunda said it had to reduce the retail offer when applications exceeded available allocation.
The company will issue 1.88bn new ordinary shares at the issue price and 940m warrants, in connection with the retail offer.
To allow the increase, shares due to Sunda directors and senior managers who participated in the subscription, will be deferred pending shareholder approval at a general meeting.
If shareholders refuse to approve the issue of the shares, the directors and senior management will invest the funds into the company as zero coupon loans.
The loans will convert into new ordinary shares, on the same terms as the retail offer, as soon as the company has the authorities.
Following admission, the company’s total issued share capital will comprise 30,516,378,281 ordinary shares, with one voting right each.
Sunda holds no ordinary shares in treasury.
Overall net proceeds will go towards general working capital, preparations to drill the Chuditch-2 well offshore Timor-Leste, and initial technical evaluation work on the two new Philippine service contracts.