14 Apr 2015 15:38
For Immediate Release
14 April 2015
Solo Oil plc
('Solo' or 'the Company')
Issue of Equity and TVR
Solo Oil plc today announces that it has raised £2,000,000 gross proceeds through the issue of 363,636,364 new ordinary shares of 0.01 pence each in the Company ("Placing Shares") at a price of 0.55 pence per share (the "Placing"). The Placing Shares which were issued at a discount of approximately 8% to yesterday's closing bid market price represent approximately 6.59% of the Company's enlarged issued share capital.
The funds from the Placing will be deployed as working capital in the Company's active investments in both Tanzania and the UK.
Neil Ritson, Solo's Chairman, commented:
"Access to additional working capital at this time will permit us to actively participate in the development of the discoveries we and our partners have made at Ntorya in the Ruvuma Basin and at Horse Hill in the Weald Basin, where a far more major discovery has recently been announced."
Application will be made for the Placing Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings in the Placing Shares on AIM are expected to commence on 21 April 2015.
Following Admission, the Company's issued share capital will consist of 5,516,830,571 Ordinary Shares with a nominal value of 0.01 pence each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69 pence each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 5,516,830,571.
The above figure of 5,516,830,571 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 to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
For further information:
Solo Oil plc Neil Ritson/Fergus Jenkins | +44 (0) 20 7440 0642 |
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Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
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Old Park Lane Capital Plc Joint Broker Charles Laughton Zoe Alexander
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Bell Pottinger Public Relations Henry Lerwill
Cassiopeia Services Investor Relations Stefania Barbaglio | +44(0) 20 7493 8188
+44 (0) 20 7408 4090
+44 (0) 20 3772 2500
+44 (0) 79 4969 0338 |