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Solo Oil Plc (SOLO)

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Tuesday 03 July, 2018

Solo Oil Plc

Issue of Equity

RNS Number : 4479T
Solo Oil Plc
03 July 2018
 

FOR IMMEDIATE RELEASE                                                                             3 July 2018

 

 

SOLO OIL PLC

("Solo" or the "Company")

 

Solo Oil PLC (London AIM: SOLO), today announces that, in relation to the US$5m Convertible Loan facility previously announced on 14 November 2017, and the US$1.5m advance ("Loan") drawn at that time, it has now received a notice of exercise from YA II PN Ltd and Cuart Investments PCC Ltd (the "Investors") to convert a further portion of the Loan, with an aggregate par value of US$173,687, into equity ("Conversion Notice") equating to a conversion price of 2.18p per share.

 

The Company has, therefore, allotted 6,046,887 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares.

 

Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 10 July 2018.  After today's Conversion Notice and previous repayments, the remaining value outstanding on the Loan is approximately US$1.0 million.

 

Following Admission, the Company's enlarged issued share capital will comprise 468,895,303 ordinary shares. The Company does not hold any shares in treasury. This figure of 468,895,303 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

 

During the term of the Facility the Investors covenant that they and their affiliates and insiders will hold no net short position in the Company. 

 

The information contained in this announcement is deemed by the Company to constitute inside information for the purposes of the EU Market Abuse Regulation No. 596/2014.

 

For further information, please contact:

Solo Oil plc

Neil Ritson / Dan Maling

+44 (0) 20 7440 0642



Beaumont Cornish Limited

Nominated Adviser

Roland Cornish / Rosalind Abrahams

+44 (0) 20 7628 3396

Shore Capital

Broker

Jerry Keen

 

Buchanan (PR)

Ben Romney / Chris Judd / Henry Wilson

+44 (0) 20 7408 4090

 

 

 

 

+44 (0) 20 7466 5000

 

 


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