SOLO.L Regulatory News (SOLO)

FOR IMMEDIATE RELEASE 18 June 2018

SOLO OIL PLC

("Solo" or the "Company")

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 received a notice of exercise from YA II PN Ltd and Cuart Investments PCC Ltd (the "Investors") to convert a small portion of the Loan, with an aggregate par value of US$116,168, into equity ("Conversion Notice") equating to a conversion price of 2.56p per share.

The Company has, therefore, allotted 3,394,747 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares.

Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 25 June 2018. After today's conversion and previous repayments, the Par Value outstanding on the Loan is US$1.15 million.

Following Admission, the Company's enlarged issued share capital will comprise 462,848,416 ordinary shares. The Company does not hold any shares in treasury. This figure of 462,848,416 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

During the term of the Facility the Investors covenant that they and their affiliates and insiders will hold no net short position in the Company. 

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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