The cash will be used to boost the firm’s financial base as it markets its eastern Morocco gas assets
() has announced plans to raise US$3mln alongside further cost cuts that will see executives’ pay drop.
Just under 24mln shares will be issued at 10p each, a modest discount to last night’s close.
The cash will be used to boost the firm’s financial base as it markets its eastern Morocco gas assets, a process that’s expected to be concluded before the end of the year.
On top of the economies announced on May 21, which were designed to reduce general and administrative expenses by 50%, Sound Energy said that from August 1 - and for a six-month period - executive base salaries will be cut by 29%.
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