By Devika Patel
Knoxville, Tenn., April 29 - Gulfsands Petroleum plc said it will raise £9.35 million in a private placement of shares.
The company will sell 5.5 million shares to affiliated investment funds of Och Ziff Capital Management Group.
Proceeds will be used for general corporate purposes, with a particular emphasis on the company's activities in Iraq. Settlement is expected April 30.
Gulfsands is a London-based oil and gas production, exploration and development company.
| Issuer: | Gulfsands Petroleum plc
|
| Issue: | Shares
|
| Amount: | £9.35 million
|
| Shares: | 5.5 million
|
| Warrants: | No
|
| Investor: | Och Ziff Capital Management Group
|
| Pricing date: | April 29
|
| Settlement date: | April 30
|
| Stock symbol: | London: GPX
|
| Stock price: | 161.5p at close April 28
|
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