5 Mar 2013 13:37
This announcement replaces the announcement "Issue of Equity and TVR" with RNS number 2071Z made at 07.00 on 5 March 2013. The date for dealings in Placing Shares should have read "11 March 2013" not "24 January 2013" as stated. All other text remains the same.
For Immediate Release
5 March 2013
Solo Oil plc
('Solo' or 'the Company')
Issue of Equity and TVR
Solo Oil plc announces that it has raised £1.0 million gross proceeds through the issue of 200 million new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.5 pence per share to institutional investors (the "Placing").
Neil Ritson, Solo's CEO, commented:
"The funds will be used to strengthen the Company's balance sheet and negotiating position ahead of receiving proposals for a potential farm-out of up to 50% of our interest in the Ruvuma PSA in Tanzania, and will allow the Company to continue with its strategy of making investments in the oil and gas sector."
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 11 March 2013.
Following Admission, the Company's issued share capital will consist of 3,961,728,041 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69p 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 3,961,728,041.
The above figure of 3,961,728,041 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 Service Authority's Disclosure and Transparency Rules.
For further information:
Solo Oil plc David Lenigas Neil Ritson | +44 (0) 20 7440 0642 |
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish | +44 (0) 20 7628 3396 |
Old Park Lane Capital Plc Joint Broker Michael Parnes Luca Tenuta
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)
Pelham Bell Pottinger Public Relations Mark Antelme Henry Lerwill
| +44(0) 20 7493 8188
+44 (0) 20 7408 4090
+44 (0) 20 7861 3232 |