(Alliance News) - UK Oil & Gas PLC said Thursday it has received notice from Riverfort Global Opportunities PCC Ltd and YA II PN Ltd about converting a portion of the company's loan into shares.
The two companies have told UKOG they want to convert GBP150,000 into UKOG shares. After today's conversion, the loan balance has been reduced to GBP4.2 million, UKOG said.
The company has today allotted 15.2 million shares to Riverfort and YA II, which are expected to be admitted to AIM on next Wednesday.
Following admission of the new shares, UKOG's entire issued share capital will total 6.69 billion.
Shares in UK Oil & Gas closed 0.8% lower in London on Thursday at 1.07 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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Uk Oil & Gas (UKOG)
Riverfort (RGO)