TIDMSOLO

RNS Number : 2004K

Solo Oil Plc

14 April 2015

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 GBP2,000,000 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 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish             +44 (0) 20 7628 3396 
 
 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              +44(0) 20 7493 8188 
  Cassiopeia Services         +44 (0) 20 7408 4090 
  Investor Relations          +44 (0) 20 3772 2500 
  Stefania Barbaglio          +44 (0) 79 4969 0338

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEZZLFFEZFXBBD

Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Scirocco Energy Charts.
Scirocco Energy (LSE:SCIR)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Scirocco Energy Charts.