Solo Oil PLC - investment company focused on the European energy market - Completes the second closing under its investment facility for up to USD5.0 million with Prolific Basins LLC, a US-based specialist energy focused investor. Prolific Basins is to make a further investment of USD500,000 into Solo Oil, by way of a prepayment of shares. "We are pleased to announce the closing of the second tranche of this facility which bolsters our cash position and gives the Company the flexibility to support its business development activities as it progresses discussions with counterparties to acquire cash generative assets in the European energy space and meet its short-term obligations," said Solo Oil Chief Executive Tom Reynolds.
In addition, Solo Oil agrees with an existing shareholder in the company, SSD GP (Jersey) Ltd, to participate in the investment structure for the maximum investment of USD500,000.
Current stock price: 0.97 pence
Year-to-date change: down 7.3%
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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