Result of General Meeting

RNS Number : 8382D

Solo Oil Plc

09 December 2009

 



FOR IMMEDIATE RELEASE                            

9 December 2009

Solo Oil Plc

("Solo" or "the Company")

Result of General Meeting 

Update on Placing

Solo Oil Plc announces that at the General Meeting held today, all Resolutions were passed.

Accordingly, further to the announcement of a Placing to raise £6.4 million on 16 November 2009 (the "Placing"), the Company have issued 1,055,300,000 new ordinary shares at a price of 0.5 pence per share raising gross proceeds of £5,276,500, being the second stage of the Placing .  Application has been made for the new ordinary shares, which will rank pari passu  with all existing ordinary shares, to be admitted to trading on AIM. Admission of the new ordinary shares is expected to commence on 11 December 2009 following which, the Company's total issued share capital will be 2,080,320,634 ordinary shares. The Placing Shares will represent approximately 61.5% of the enlarged issued share capital of the Company.

The Placing proceeds will provide the Company with the funds to pursue its new investing policy as approved by shareholders on 17 July 2009 and specifically will be used to farm in to the Likonde- 1 well scheduled to be drilled on the Ruvuma production agreement in southern Tanzania.. 

The balance of the funds is expected to be used to strengthen the Company's balance sheet and for general working capital purposes.

For further enquiries:

Solo Oil PLC
David Lenigas/Kiran Morzaria	[phone]
Beaumont Cornish - Nominated Adviser
Roland Cornish	[phone]

Rivington Street Corporate Finance	+ 44 (0) 20 7562 3351
Dru Edmonstone

 

END

 

 

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