Petroleum Africa
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Monday, May 9, 2016
SDX Energy has effected a private placement fundraising for a total of approximately $11 million. A total of 42,201,835 new common shares of no par value in the capital of the company have been conditionally placed at an issue price of 18 pence (C$0.33) per Placement Share with new and existing institutional investors and directors and senior management.
The proceeds of the Private Placement are to be principally applied toward a work program in Meseda, Egypt which aims to double current production, and the completion of a 3D seismic program in South Disouq, Egypt.
In conjunction with the placement and in support of the significant new investment from European investors, the SDX revealed that it is seeking to admit its common shares to trading on London’s AIM in addition to its listing on the TSX.
The company will shortly be publishing an AIM admission document in respect of the admission to trading on AIM and expects its common shares to commence trading on AIM on or around May 20. The private placement is conditional upon Admission becoming effective.
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