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Gulfsands Petroleum to raise $22 mln to repay debt

Reuters - UK Focus

June 30 (Reuters) - Gulfsands Petroleum Plc (LSE: GPX.L - news) said on Tuesday it planned to raise up to $22 million, most of it through a placing of shares to institutional investors, to repay debt and for working capital purposes.

The oil and gas producer also said Weighbridge Trust Ltd would acquire the Arawak Loan Facility, acting as an agent for existing Gulfsands shareholders Waterford Finance and Investment Ltd and Richard Griffiths.

Waterford and Richard Griffiths own 28 percent and 9 percent stakes respectively in Gulfsands.

Dubai-based Arawak Energy had agreed to provide a $20 million loan facility to Gulfsands in November to fund the development of its Moroccan interests.

Gulfsands - which operates in Syria, Morocco, Tunisia and Colombia - said a smaller part of the fundraising would be through an open offer to all shareholders. (Reporting by Aastha Agnihotri in Bengaluru; Editing by Anupama Dwivedi)