PrimaryBid Sources £26.9 Million for Sound Energy plc

PrimaryBid announces that it has successfully sourced £26.9 million for Sound Energy plc (“Sound Energy”), the Europe and Africa focused upstream gas company. The fully underwritten offers for £24.1 million, announced yesterday, were 12% oversubscribed by investors through the PrimaryBid platform and led to the company increasing the size of the deal by £2.8 million. Dave Mutton, COO of PrimaryBid, said: “One of the core goals of this offer was to facilitate equal access to both individual investors and institutions on the same terms. As the leading listed equity crowdfunding platform, we were the logical partner for Sound Energy and we are delighted we could deliver such a fantastic result for the company and investors alike. Funds sourced through PrimaryBid now total almost £31 million. What is also encouraging is the smooth, seamless and fast process we provided for individual investors. We had subscriptions through the platform, ranging from £1,000 through to over £80,000, clearly demonstrating that investors will fully engage with this innovative method of fund raising, providing significant incremental demand for issuers.”