RE: UK Oil & Gas24 Jul 2014 09:52
[UKOG] The base consideration in respect of NPGBL amounts to £1,311,999 comprising a cash deposit of £250,000, repayable only in the event that Confirmation is not forthcoming, together with a further payment on completion of the investment of £1,061,999 (the "Completion Payment") payable in cash, save that UKOG may elect to satisfy up to £500,000 through the issue to NOP of up to a maximum of 45,708,853 new UKOG ordinary shares ("Consideration Shares"), based on the average volume-weighted mid-market price of a UKOG ordinary share for the ten (10) business days prior today's date, equivalent to 1.09388p per Consideration Share. In the event that the Company elects to issue the Consideration Shares on completion an application will be made at that time for the Consideration Shares, which will rank pari passu with the existing UKOG ordinary shares, to be admitted to trading on AIM. In addition, the Company will pay a further amount in cash equal to the value of NPGBL's net current assets (being current assets less current liabilities) as at today's date, which is estimated to amount to approximately £30,000, up to a maximum of £50,000.