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Sunda Energy to Raise Up to GBP6 Million via Share Placing, Retail Offer

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Sunda Energy (SNDA.L) said Tuesday it intends to raise 5 million pounds sterling through an oversubscribed placing and subscription of 335,126,320 shares, to be completed in two tranches.

The placing will comprise 76,780,601 firm placing shares and 258,345,719 conditional placing shares. The subscription, also structured in two tranches, will include 14,873,680 shares and raise 220,000 pounds.

The oil and gas company also plans to raise an additional 525,000 pounds through a retail share offer.

Proceeds will be used to complete the $3.6 million payment for Sunda's acquisition of Matahio Energy NZ, to fund seismic reprocessing and further geological and geophysical studies in the Philippines, and to provide general working capital.

The firm placing and subscription shares are scheduled to begin trading on the London bourse on Thursday, while the conditional shares are expected to begin trading on Oct. 12.

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