UK Oil & Gas PLC - London-based exploration and production company focused on UK and Turkey - Says that as part of a GBP3 million funding facility, it has delivered the first and second tranches of ordinary shares to RiverFort Global Opportunities PCC Ltd and YA II PN Ltd, in relation to the first cash sum received of GBP2 million gross. Adds that these shares can be converted at the investors' discretion to repay the loan, the balance of which now stands at GBP1.4 million. Any equity shares unsold at the end of the loan term or on early repayment will be sold by the investors and the net proceeds repaid to the company.
Current stock price: 0.029, down 1.4% in London on Friday afternoon
12-month change: down 52%
By Holly Beveridge, Alliance News reporter
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Uk Oil & Gas (UKOG)
Riverfort (RGO)