3 Sep 2018 07:00
FOR IMMEDIATE RELEASE 3 September 2018
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SOLO OIL PLC
("Solo" or the "Company")
Convertible Loan Facility Repayment
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Solo Oil PLC (London AIM: SOLO), today announces that, in relation to the US$5m Convertible Loan facility previously announced on 14 November 2017 ("Facility"), and the US$1.5m advance ("Loan") drawn at that time, it has now repaid in full all principal, interest and fees payable under the Facility.
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Since the last conversion notice actioned on 13 July 2018, the Company has made cash repayments totaling US$810,677 (£624,221 at USD$0.77) less than the £650,000 estimated in our announcement of 6 August 2018, in which we stated our intention to repay the Loan.
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Commenting on the convertible loan repayment, Managing Director, Dan Maling, said:
"As was indicated in our open offer document and announcement of 6 August 2018, the Company has now repaid all monies due under the Riverfort arranged convertible loan facility. The Company is now debt free and equipped with a strong balance sheet. Solo is well placed to continue with its monetisation strategy under the guidance of the new board."
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The information contained in this announcement is deemed by the Company to constitute inside information for the purposes of the EU Market Abuse Regulation No. 596/2014.
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For further information, please contact:
Solo Oil plc Dan Maling | +44 (0) 20 7440 0642 |
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Abrahams / Felicity Geidt | +44 (0) 20 7628 3396 |
Shore Capital Broker Jerry Keen  Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson | +44 (0) 20 7408 4090     +44 (0) 20 7466 5000 |
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