Sheba Exploration (UK) plc
LSE : SHE

October 18, 2010 04:26 ET

Private Placing

                                                                                      18 October 2010
                                                                             GB00B02WHQ80/GBP/PLUS-exn


                                      SHEBA EXPLORATION (UK) PLC
                                      ("Sheba" or the "Company")

                                            Private Placing

Sheba  Exploration  (UK)  Plc is pleased to announce that on 15 October 2010 it  undertook  a  private
placing  of 2,500,000 ordinary shares at a price of 0.75p per share raising £18,750.  Sheba  has  also
agreed  to  issue 1,250,000 warrants to the investor, exercisable at a price of 1.25p for a period  of
eighteen months from the date of the placing.

The  proceeds 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 placing  is  101,426,665  ordinary
shares, of which the Directors are interested in 34.23%.

The Directors of Sheba Exploration (UK) Plc are responsible for the contents of this announcement.

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

Corporate Adviser:
St Helens Capital Partners LLP
Duncan Vasey/Mark Anwyl
Tel: 020 7368 6959

Contact Information

  • Sheba Exploration (UK) plc