9 Dec 2009 11:35
FOR IMMEDIATE RELEASE
9 December 2009
Solo Oil Plc
("Solo" or "the Company")
Result of General Meeting
Update on Placing
Solo Oil Plc announces that at the General Meeting held today, all Resolutions were passed.
Accordingly, further to the announcement of a Placing to raise £6.4 million on 16 November 2009 (the "Placing"), the Company have issued 1,055,300,000 new ordinary shares at a price of 0.5 pence per share raising gross proceeds of £5,276,500, being the second stage of the Placing . Application has been made for the new ordinary shares, which will rank pari passu with all existing ordinary shares, to be admitted to trading on AIM. Admission of the new ordinary shares is expected to commence on 11 December 2009 following which, the Company's total issued share capital will be 2,080,320,634 ordinary shares. The Placing Shares will represent approximately 61.5% of the enlarged issued share capital of the Company.
The Placing proceeds will provide the Company with the funds to pursue its new investing policy as approved by shareholders on 17 July 2009 and specifically will be used to farm in to the Likonde- 1 well scheduled to be drilled on the Ruvuma production agreement in southern Tanzania..
The balance of the funds is expected to be used to strengthen the Company's balance sheet and for general working capital purposes.
For further enquiries:
| Solo Oil PLC |
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| David Lenigas/Kiran Morzaria | +44 (0) 20 7016 5100 |
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| Beaumont Cornish - Nominated Adviser |
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| Roland Cornish | +44 (0) 20 7628 3396 |
| Rivington Street Corporate Finance | + 44 (0) 20 7562 3351 |
| Dru Edmonstone |