Sheba Exploration (UK) plc
LSE : SHE

September 04, 2009 08:00 ET

Issue of Shares

                                                                             GB00B02WHQ80/GBP/PLUS-exn
                                                                                            04/09/2009


                                      Sheba Exploration (UK) Plc
                                      ("Sheba" or the "Company")

                                            Issue of Shares

4 September 2009

Further  to  the  announcement on 1 September 2009 of the joint venture agreement  between  Sheba  and
Stratex  International  Plc ("Stratex"), an Aim-quoted exploration company,  the  Board  of  Sheba  is
pleased to confirm that Stratex has today purchased 5,333,333 new ordinary shares in the Company at  a
price  of  0.75p  per  share  for a total consideration of £40,000. Sheba has  also  agreed  to  issue
5,333,333 warrants to Stratex, exercisable at a price of 0.75p for a period of two years from the date
of this share issue.

The proceeds of this subscription by Stratex will be used by Sheba for administrative expenses and the
ongoing development of their exploration licences in Ethiopia.

The  enlarged issued share capital of the Company following this issue is 95,460,333 ordinary  shares,
of which the directors are interested in 32.6% and
Stratex is interested in 5.6%.

The Directors of Sheba Exploration (UK) Plc accept responsibility for this announcement.

Contact Details:
Sheba Exploration (UK) Plc
Richard Brooker
Tel: 00 353 87699 8401

Corporate Adviser:
St Helen's Capital Plc
Duncan Vasey/Mark Anwyl
Tel: 020 7628 5582

Contact Information

  • Sheba Exploration (UK) plc