AAOG.L Regulatory News (AAOG)

· First drawdown of £160,000 to be advanced to the Company today;

· Further drawdowns of £100,000 per month (the "Drawdowns") to be mutually agreed between the Company and the Lenders up to the Commitment Amount;

· Commitment fee of £7,500 added to the principal outstanding and convertible on the same terms;

· Each Drawdown is interest free but attracts a 7% drawdown fee to be added to the principal amount outstanding and convertible on the same terms;

· Each Drawdown shall be repayable 12 months from its issuance;

· All Drawdowns and fees associated with them shall be convertible into ordinary shares in the capital of the Company ("Ordinary Shares") at the lower of:

o 135% of the 5 day volume weighted average price ("VWAP") per Ordinary Share on the date preceding the Drawdown;

o the price at which AAOG issues any Ordinary Shares to persons other than the Lenders (the lower of the preceding two bullet points being the "Fixed Conversion Price"); and

o 91% of the lowest daily VWAP over the 8 trading days immediately preceding a notice of conversion.

· The Company may redeem any amounts owed under the Facility earlier than the repayment date for a fee of 10% of the aggregate value of all Drawdowns still repayable. Such early redemption may only occur provided that the 5 day VWAP per Ordinary Share is less than the Fixed Conversion Price;

· The Lenders shall receive warrants to subscribe for such number of Ordinary Shares as is equal to 25% of each Drawdown with an exercise price at a 30% premium to the 5 days VWAP prior to such Drawdown, exercisable within 48 months from the date of issuance.

· The Lenders undertake not to hold a net short position in respect of the Ordinary Shares for the duration of the Facility.