RE: Placing14 Jan 2021 07:56
The Company acquired the Equipment from PW for £1.65 million via three equal instalments of £550,000 as follows:
- Initial instalment payable upon signature of the asset purchase agreement via equal amounts of cash and UKOG shares.
- Two further instalments at 6-monthly intervals, or earlier at UKOG's discretion. Each payment either wholly in cash, or wholly in shares, or part cash/part shares, each at UKOG's sole discretion.
- In the case of payment via shares, the number of shares issued to PW shall be determined using the 5-day volume weighted average price ("VWAP") of UKOG ordinary shares on the day prior to the instalment payment date.
The initial payment of £550,000 has now been made to PW, comprising £275,000 in cash and £275,000 via the issue of 131,014,769 UKOG shares ("Consideration Shares") at 0.2099p per share, representing the 5-day VWAP at market close on 7th July, the day prior to the completion date.