Solo Oil Plc Placement of Equity and TVR (0081K)
16 September 2016 - 4:00PM
UK Regulatory
TIDMSOLO
RNS Number : 0081K
Solo Oil Plc
16 September 2016
For Immediate Release
16 September 2016
Solo Oil plc
('Solo' or 'the Company')
Placement of Equity and TVR
Solo Oil plc today announces that it has raised GBP2,000,000
gross proceeds through the issue of 1,111,111,111 new ordinary
shares of 0.01 pence each in the Company ("Placing Shares") at a
price of 0.18 pence per share (the "Placing") in a Company
sponsored placement to a single institutional investor, being
Epsilon Pty. The Placing Shares will when issued represent 15.9 per
cent. of the enlarged issued share capital.
The proceeds of the placing will be used to fund the Company's
share of the Ntorya-2 well in Tanzania and settle all outstanding
amounts due to YA Global Master SPV, Ltd under an Equity Swap
Agreement which has now been terminated.
Neil Ritson, Solo's Chairman, commented:
"The Company is now funded for its share of the estimated
dry-hole costs for the upcoming high impact Ntorya-2 appraisal well
in Ruvuma Basin, Tanzania. We look forward to further updates from
the operator Aminex as we near the expected spud date during the
fourth quarter of this time."
Application will be made for the Placing Shares, which will rank
pari passu with the Company's existing issued ordinary shares, to
be admitted to trading on AIM. Dealings in the Placing Shares on
AIM are expected to commence on or before Friday September 23(rd) ,
2016.
Following Admission, the Company's issued share capital will
consist of 6,987,691,682 Ordinary Shares with a nominal value of
0.01 pence each, with voting rights ("Ordinary Shares"), and
265,324,634 deferred shares of 0.69 pence each. The deferred shares
are non-voting, are not admitted to trading on AIM and are not
entitled to any participation in the profits or the assets of the
Company. The Company does not hold any Ordinary Shares in Treasury.
Therefore the total number of Ordinary Shares in the Company with
voting rights is 6,987,691,682.
The above figure of 6,987,691,682 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 to their interest in, the share capital of
the Company under the Financial Conduct Authority's Disclosure and
Transparency Rules.
The Market Abuse Regulation ("MAR") became effective from 3 July
2016. Market soundings, as defined in MAR, were taken in respect of
the Fundraise with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement and has been disclosed as soon as
possible in accordance with paragraph 7 of article 17 of MAR.
Therefore, those persons that received inside information in a
market sounding are no longer in possession of inside information
relating to the Company and its securities.
For further information:
Solo Oil plc
Neil Ritson/Dan Maling +44 (0) 20 3794 9230
Beaumont Cornish Limited
Nominated Adviser and
Joint Broker
Roland Cornish +44 (0) 20 7628 3396
Shore Capital
Joint Broker
Jerry Keen (Corporate
Broker)
Cassiopeia Services
LLP
Investor and Media
Relations +44 (0) 20 7408 4090
Stefania Barbaglio +44 (0) 79 4969 0338
This information is provided by RNS
The company news service from the London Stock Exchange
END
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