Petroleum Africa
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Tuesday, May 24, 2016
SDX Energy saw its shares begin trading on London’s AIM market on May 20 under the ticker symbol ‘SDX’. The company successfully raised approx. £7.6 million through a placing and subscription of 42,201,835 common shares in the capital of the company at 18 pence (C$0.33) per Placing Share.
3,910,000 of the Placement Shares have been placed conditionally upon the filing by one of the investors with the TSX-V of a Personal Information Form and the receipt from the TSX-V of final acceptance of the subscription for the Conditional Placement Shares. Such filing and acceptance are required under the policies of the TSX-V because the investor will become an Insider upon the subscription for the Conditional Placement Shares. As of May 20, this condition has not been satisfied and the Conditional Placement Shares have not been issued and allotted.
For the purposes of the Disclosure and Transparency Rules, the total number of voting rights in SDX with effect from May 20 will be 75,933,902. This figure may be used by shareholders as the denominator for the calculations by which they determine if they are required to notify their interest in, or a change of their interest in, the company under the FCA’s Disclosure and Transparency Rules.
Cantor Fitzgerald Europe is Nominated Adviser and Joint Broker and FirstEnergy Capital is Joint Broker.
Commenting on the announcement, SDX CEO Paul Welch said, “Our admission to AIM is a significant milestone and represents another transformational event for the Company following the creation of SDX Energy through our merger in October 2015.
“We believe that AIM will provide a supportive platform to help us achieve our ambitious growth objectives. The new funds raised will enable us to significantly increase production in Meseda, our resilient, high-margin producing asset and also complete the work program on South Disouq, our high impact exploration opportunity in Egypt. We believe that we are uniquely placed to thrive in this low oil price environment and look forward to the next chapter in our story with confidence.”
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