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Open Offer Launch

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JD400   Wednesday, 08/31/16 11:55:10 AM
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Open Offer Launch

The Company announces that it has today launched an open offer (the "Open Offer") for up to 2,294,295,672 new common shares in the Company (the "Open Offer Shares") at a price of 0.8314 pence per share, to raise up to US$25 million.

Subject to certain exceptions, the Open Offer is being made to the Company's shareholders who are on the register of members on the record date, being 5:00 p.m. (London time) on 30 August 2016, on the basis of 20 Open Offer Shares for every nine existing common shares in the Company. The Open Offer will close at 11.00 a.m. on 15 September 2016.

The Open Offer is being conducted in connection with the Company's Balance Sheet Restructuring Transaction ("Restructuring") announced on 14 July 2016, and the Open Offer is conditional on implementation of the Restructuring.

For further information visit the Restructuring microsite which can be accessed through the Company's website www.gulfkeystone.com.

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