SacOil Holdings Limited Finance Update (0753Q)
November 01 2012 - 8:00AM
UK Regulatory
TIDMSAC
RNS Number : 0753Q
SacOil Holdings Limited
01 November 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")
Receipt of cash and settlement of indebtedness to Yorkville
Issue of shares for cash
SacOil, the African independent upstream oil and gas company, is
pleased to announce it has received US$3.0 million from its
Nigerian partner, Energy Equity Resources ("EER"). This represents
a part repayment of the cash collateral contribution owed to SacOil
by EER and will assist SacOil in settling its outstanding balances
to YA Global Masters SPV Limited ("YA").
SacOil had borrowed US$3.4 million from YA to enable it to part
fund the cash collateral of US$10 million required as part of the
posting of the US$25 million Performance Bond (the "Bond") for OPL
233 announced on 17 April 2012.
SacOil will now settle the remaining indebtedness to YA by
making a cash payment of US$1.0m and issuing 35,072,412 new SacOil
ordinary shares ("Shares") to YA at a price of R0.32 per Share (the
"Issue"), raising R11.2 million (approximately US$1.2 million). The
Issue is in line with the terms of a Standby Equity Distribution
Agreement between YA and SacOil which was approved by SacOil
shareholders in a general meeting on 17 November 2011.
YA has placed in excess of 50% of the Shares from this issue at
R0.32 to off market investors and has agreed to holding
restrictions relating to the remaining shares held.
Application will be made to the JSE Limited ("JSE") to grant a
listing of the Shares and to the London Stock Exchange for the
admission of the Shares to trade on the AIM Market ("AIM"). The
listing of the Shares on the JSE and the admission of the Shares to
trade on AIM are expected to take place on Tuesday, 13 November
2012. The Shares will rank pari passu in all respects with the
Company's ordinary shares already in issue.
SacOil's total issued share capital after the Issue will be
953,340,791 ordinary shares.
1 November 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
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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