SPFL Sofia Prop

 
TIDMSPFL 
 
17 December 2009 
                           SOFIA PROPERTY FUND LIMITED 
 
                                   (AIM: SPFL) 
 
                   PLACING OF 18.7 MILLION NEW ORDINARY SHARES 
 
              TO RAISE NET PROCEEDS OF APPROXIMATELY ?0.94 MILLION 
 
The  Board  of  Sofia Property Fund Limited (the "Company")  today  announces  a 
placing to raise net proceeds of approximately ?0.94 million, through the  issue 
of  18,729,515  ordinary  shares of no par value in the Company  ("New  Ordinary 
Shares") at a price of 5p per share ("the Placing"). 
 
Details of the proposed Placing 
Net proceeds to be used to: 
 
  ·  repay deposits due to depositors on certain properties on which options had 
     been secured under previous arrangements with Buysell LLC 
  ·  cover  ongoing running expenses of the Company including the payment  of 
     Bulgarian property taxes 
 
Details of the Placing 
Subject to inter alia admission of the New Ordinary Shares to trading on the AIM 
market  of  the  London  Stock Exchange ("AIM"), the Company  has  raised  ?1.05 
million  (before  expenses)  by way of a placing of 18.7  million  New  Ordinary 
Shares at a price of 5 pence per share. The New Ordinary Shares have been placed 
by  Panmure Gordon (UK) Limited conditionally with investors (including  certain 
existing Shareholders). 
 
The  New  Ordinary Shares will rank pari passu in all respects with the existing 
Ordinary  Shares.  Application will be made for admission of  the  New  Ordinary 
Shares to trading on AIM and it is envisaged that Admission will take effect  on 
22  December  2009  and  dealings  in  the New  Ordinary  Shares  will  commence 
immediately thereafter. 
 
 
Charles Burton, Chairman of Sofia Property Fund Limited commented: 
 
"Following  the  successful passing of all resolutions at the EGM  earlier  this 
month,  we  are pleased to have concluded a Placing before the Christmas  period 
and raise net proceeds of nearly a million Euros. On behalf of the Board I would 
like  to  thank our existing shareholders for their continued support  following 
what has been a tough year for the Fund. We remain committed and look forward to 
2010 which we anticipate will be a watershed year for the Sofia Property Fund. " 
 
 
Enquiries: 
 
For further information contact: 
 
Sofia Property Fund Limited 
Charles Burton 
 
Panmure Gordon (UK) Limited 
Dominic Morley 
Stuart Gledhill 
Tel: +44 (0) 20 7459 3600 
 
Conduit PR Ltd 
Ed Portman 
Leesa Peters 
Tel: +44 (0) 20 7429 6607 / +44 (0) 77 3336 3501 
 
This  Announcement  has been issued by, and is the sole responsibility  of,  the 
Company.  No representation or warranty express or implied, is or will be  made, 
and no responsibility or liability is or will be accepted by Panmure Gordon (UK) 
Limited  or  by  any  of its affiliates or agents as to or in  relation  to  the 
accuracy  or  completeness of this Announcement or any  other  written  or  oral 
information made available to or publicly available to any interested  party  or 
its advisers, and any liability therefore is expressly disclaimed. 
 
 
Panmure  Gordon (UK) Limited ("Panmure Gordon") is authorised and  regulated  in 
the United Kingdom by the FSA, is acting exclusively for the Company and for no- 
one  else in connection with the Placing, and other matters referred to in  this 
Announcement.  Panmure Gordon will not be responsible to anyone other  than  the 
Company for providing the protections afforded to clients of Panmure Gordon  nor 
for providing advice to any other person in relation to the Placing or any other 
matter referred to herein. 
 

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