Wed, 20th May 2020 15:35
UK Oil & Gas PLC
("UKOG" or the "Company")
Further Reduction in Loan Balance
UK Oil & Gas PLC (London AIM: UKOG), is pleased to announce that it has repaid a further £75,000 of the £5.5 million convertible loan note ("Loan") with Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors"), reducing the Loan's balance to £1.93 million.
The repayment was made via the conversion mechanism outlined in the announcements of 27 September 2019 and 12 February 2020. In this respect, the Company has today allotted 38,580,247 new ordinary shares to the Investors ("Investor Shares"). 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 27 May 2020 ("Admission").
Following Admission of the Investor Shares, the Company's issued share capital will comprise 8,645,049,568 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 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 941493
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
Brian Alexander Tel: 01483 941493
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014
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