TIDMSOLO

RNS Number : 0081K

Solo Oil Plc

16 September 2016

For Immediate Release

16 September 2016

Solo Oil plc

('Solo' or 'the Company')

Placement of Equity and TVR

Solo Oil plc today announces that it has raised GBP2,000,000 gross proceeds through the issue of 1,111,111,111 new ordinary shares of 0.01 pence each in the Company ("Placing Shares") at a price of 0.18 pence per share (the "Placing") in a Company sponsored placement to a single institutional investor, being Epsilon Pty. The Placing Shares will when issued represent 15.9 per cent. of the enlarged issued share capital.

The proceeds of the placing will be used to fund the Company's share of the Ntorya-2 well in Tanzania and settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated.

Neil Ritson, Solo's Chairman, commented:

"The Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time."

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 or before Friday September 23(rd) , 2016.

Following Admission, the Company's issued share capital will consist of 6,987,691,682 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 6,987,691,682.

The above figure of 6,987,691,682 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.

The Market Abuse Regulation ("MAR") became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Fundraise with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.

For further information:

 
 Solo Oil plc 
  Neil Ritson/Dan Maling     +44 (0) 20 3794 9230 
 
 Beaumont Cornish Limited 
  Nominated Adviser and 
  Joint Broker 
  Roland Cornish             +44 (0) 20 7628 3396 
  Shore Capital 
   Joint Broker 
   Jerry Keen (Corporate 
   Broker) 
   Cassiopeia Services 
   LLP 
   Investor and Media 
   Relations                  +44 (0) 20 7408 4090 
   Stefania Barbaglio          +44 (0) 79 4969 0338

This information is provided by RNS

The company news service from the London Stock Exchange

END

IOEEAANSFFEKEAF

(END) Dow Jones Newswires

September 16, 2016 02:00 ET (06:00 GMT)

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