Recommendations » UK
San Leon Energy Plc (LON:SLE) report: Placing and other funding arrangements
By Daniel Stewart & Co
- San Leon has signed a Standby Equity Distribution Agreement (SEDA) with Yorkville for ?15m. San Leon can draw on the funds at its discretion for a period of up to three years in exchange for shares issued at a 6% discount
- Separately San Leon has agreed a ?2m unsecured loan facility with Yorkville which can be drawn at San Leons discretion. The interest rate is 9%
- The company also did a placing of 11.2m shares at a price of 14.5p/share raising gross proceeds of ?1.625m. Following admission the company will have 436,714,838 shares
- As a result of these announcements San Leon will have access to over ?18m to start executing on its development.
- Having access to the funds should provide San Leon with a degree of flexibility between funding operations and corporate activity which may include selling some assets of farming out and in our opinion this is a positive outcome
- We look forward to seeing the funds deployed and their results.
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