Information  X 
Enter a valid email address

Solo Oil Plc (SOLO)

  Print      Mail a friend

Monday 03 September, 2018

Solo Oil Plc

Convertible Loan Facility Repayment

RNS Number : 4907Z
Solo Oil Plc
03 September 2018
 

FOR IMMEDIATE RELEASE                                                                                                  3 September 2018

 

 

SOLO OIL PLC

("Solo" or the "Company")

Convertible Loan Facility Repayment

 

Solo Oil PLC (London AIM: SOLO), today announces that, in relation to the US$5m Convertible Loan facility previously announced on 14 November 2017 ("Facility"), and the US$1.5m advance ("Loan") drawn at that time, it has now repaid in full all principal, interest and fees payable under the Facility.

 

Since the last conversion notice actioned on 13 July 2018, the Company has made cash repayments totaling US$810,677 (£624,221 at USD$0.77) less than the £650,000 estimated in our announcement of 6 August 2018, in which we stated our intention to repay the Loan.

 

Commenting on the convertible loan repayment, Managing Director, Dan Maling, said:

"As was indicated in our open offer document and announcement of 6 August 2018, the Company has now repaid all monies due under the Riverfort arranged convertible loan facility. The Company is now debt free and equipped with a strong balance sheet. Solo is well placed to continue with its monetisation strategy under the guidance of the new board."

 

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

Dan Maling

+44 (0) 20 7440 0642

Beaumont Cornish Limited

Nominated Adviser

Roland Cornish / Rosalind Abrahams / Felicity Geidt

+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

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
END
 
 
MSCMMGGLKZLGRZM

a d v e r t i s e m e n t