REG - Sound Energy PLC - Bridge Facility Agreement

Sound EnergyAnnouncement

23/08/2024 07:00

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RNS Number : 5043B  Sound Energy PLC  23 August 2024

23 August 2024

 

Sound Energy plc

("Sound Energy" or the "Company")

 

Bridge Facility Agreement

 

 

Sound Energy (AIM: SOU), the transition energy company, announces entry into a
bridge financing facility agreement pursuant to which up to £1.5 million will
be made available to the Company, if drawn down (the "Facility Agreement").
The Facility Agreement has been entered into with a high-net-worth individual
trading as 2i Partners, introduced by Lyndisfarne Partners ltd, in respect of
a short-term bridge facility for up to £ 1.5 million available for three
months from 1 September 2024 (the "Facility"). The Company has not drawn down
any funds under the Facility which, if required, will provide the Company with
access to additional working capital resources prior to receipt of funds
associated with the sale of Sound Energy Morocco East ("SEME") to Managem SA,
the terms of which were announced on 14 June 2024.

 

Any amounts drawn down under the Facility will attract an interest rate of 15
per cent. per quarter and will fall for repayment on the earlier of
three-months from the date of draw down or within 3 days of completion of the
sale of SEME. The Company will pay the lender a fee of £50,000 in the event
that no draw down is made prior to expiry of the availability period and the
Facility will, from first draw down, be secured by way of a charge over the
shares of Arran Energy Holdings Limited, the Company's wholly owned
subsidiary.

 

The Facility provides the security of access to working capital for the
Company, should it be required, prior to closing of the transaction with
Managem, which remains on track within the forthcoming months.

 

For further information visit www.soundenergyplc.com follow on X
@soundenergyplc, LinkedIn, or contact:

 

 Flagstaff Strategic and Investor Communications  Tel: 44 (0)20 129 1474

 Tim Thompson                                     sound@flagstaffcomms.com

 Mark Edwards

 Alison Allfrey

 Sound Energy                                     chairman@soundenergyplc.com (mailto:chairman@soundenergyplc.com)

 Graham Lyon, Executive Chairman

 Cavendish Capital Markets - Nominated Adviser    Tel: 44 (0)20 7220 0500

 Ben Jeynes

 Peter Lynch

 Zeus - Broker                                    Tel: 44 (0)20 3829 5000

 Simon Johnson

 Gneiss Energy Limited - Financial Adviser        Tel: 44 (0)20 3983 9263

 Jon Fitzpatrick

 Paul Weidman

 Doug Rycroft

 

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