Gulfsands Petroleum plc announces an agreement for the placing of 8 million new ordinary shares of 5.714p each in the Company (“Placing Shares”) at £1.45 per Placing Share to the Al Mashreq Investment Fund and Hickam Ventures, representing a total investment in the Company of £11.6 million.
The Al Mashreq Investment Fund is controlled by interests associated with Mr. Rami Makhlouf, Chairman and Chief Executive of the Ramak Group and one of
Hickam Ventures represents interests associated with Mr. Nizar Assaad, Chairman and Chief Executive of Lead Contracting and Trading Group which is
Completion of the subscription for the Placing Shares by the Al Mashreq Investment Fund and Hickam Ventures is anticipated to occur on or about 16 July 2007 following which application will be made for the Placing Shares to be admitted to trading on AIM.
Gulfsands’ Chairman, Andrew West and its CEO, John Dorrier, said:
“We are very pleased to welcome Mr. Makhlouf’s and Mr. Assaad’s companies as substantial shareholders in our Company and thank them for this significant expression of confidence in Gulfsands.
These funds will assist us to accelerate our activities in
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