Last checked at 9 Oct 2019 16:05
UK Oil & Gas PLC
("UKOG" or the "Company")
Further Loan Balance Reduction
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that, in relation to the £5.5 million financing announced on 7 August 2019 ("Loan"), following receipt of a notice from Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") to convert £150,000 of the Loan into UKOG shares, the Loan's balance has further reduced to £4.35 million.
The Company has today allotted 16,346,992 new ordinary shares to the Investors ("Investor Shares") and has applied for them to be admitted to trading on AIM. The Investor Shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 16 October 2019.
The Loan terms can be seen in the Company's previous announcement on 27 September 2019.
Share Incentive Plan ("SIP")
Further to the Company's 'Grant of Options and SIP' announcement of 30 September 2019, the 201,000,000 new ordinary UKOG shares of 0.01p each issued pursuant to the SIP (the "SIP Shares") are to be admitted to trading on AIM on 14th October 2019.
Admission of Shares
Upon admission of the SIP Shares to trading on AIM, on or around the 14th October 2019, the Company's issued share capital will comprise 6,658,567,170 ordinary shares.
Upon admission of the 16,346,992 Investor Shares to trading on AIM, on or around the 16th October 2019, the Company's issued share capital will comprise 6,674,914,162 ordinary shares.
As the Company does not hold any shares in treasury, this figure of ordinary shares may be used by shareholders in the Company from the dates of admission detailed above, 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.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 900582
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 0207 397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 020 7399 9400
Public Relations
Brian Alexander Tel: 01483 900582
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014