SacOil Holdings Limited Response to share price movement (7833O)

TIDMSAC

RNS Number : 7833O

SacOil Holdings Limited

16 October 2012

SACOIL HOLDINGS LIMITED

(Incorporated in the Republic of South Africa)

(Registration number 1993/000460/06)

   JSE share code: SCL     AIM share code: SAC

ISIN: ZAE000127460

("SacOil" or "the Company")

Response to share price movement

Renaissance Capital Subscription Agreement

SacOil notes the recent significant rise in the price of its shares. As previously announced on 12 September 2012 and 3 October 2012, Total E&P RDC ("Total") successfully conducted an airborne gravity and magnetic survey on the northern part of Block III outside the Virunga National Park. The final interpretation of the survey and report by Total has been received and disclosed in the same announcements. There is no new information that has yet to be disclosed. This particular announcement has been made in order to comply with UK regulatory requirements.

As part of the rollover of the Renaissance Capital facility utilised to procure the US$25m performance bond, the Company has today entered into a subscription arrangement with Renaissance Capital ("RenCap"), where the salient terms are that RenCap will have the option until 30 November 2012 to subscribe for up to 20,000,000 SacOil Shares at a price that is equivalent to a 10% discount to the 30 day volume weighed average price at the time of exercise.

16 October 2012

ENDS

JSE Sponsor

Nedbank Capital

 
 For further information please contact: 
 finnCap Limited (Nominated Adviser and 
  Broker)                                    +44 (0) 20 7220 0500 
 Matthew Robinson / Christopher Raggett 
  FirstEnergy Capital (Joint Broker UK) 
   Majid Shafiq 
   Travis Inlow                               +44 (0) 20 7448 0200 
  GMP Securities Europe LLP (Joint Broker 
   UK) 
   James Pope 
   Chris Beltgens                             +44 (0) 20 7647 2800 
 
   Keyter Rech Investor Solutions (SA) 
   Vanessa Ingram 
   Lynne Bothma                                +27 (0) 11 447 2993 
   The Riverbed Agency (SA) 
   Raphala Mogase                              +27 (0) 11 783 7903 
 Pelham Bell Pottinger (UK) 
 Philip Dennis                               +44 (0) 20 7861 3919 
 Nick Lambert                                +44 (0) 20 7861 3936 
 Rollo Crichton-Stuart                       +44 (0) 20 7861 3918

This information is provided by RNS

The company news service from the London Stock Exchange

END

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