Solo Oil Plc Investment Facility Part Settlement and TVR (0591C)
October 14 2020 - 5:00AM
UK Regulatory
TIDMSOLO
RNS Number : 0591C
Solo Oil Plc
14 October 2020
14 October 2020
Solo Oil plc
("Solo" or the "Company")
Investment Facility Part Settlement and TVR
Solo (AIM: SOLO), soon to become Scirocco Energy, the AIM
investing company targeting attractive production and development
opportunities within the European energy market, announces that it
has received a settlement notice from G.P. (Jersey) Limited ("GP
Jersey"), which, as announced to shareholders on 6 October 2020,
invested US$500,000 into Solo pursuant to the terms of the share
subscription deed governing the investment facility referred to in
that same announcement.
GP Jersey's investment was made as a prepayment for ordinary
shares in the Company ("GP Jersey Shares"), the number (and price)
of which were to be determined at the time GP Jersey elected to
receive such GP Jersey Shares, according to the average of five
daily volume-weighted average prices during the twenty trading days
prior to the date of such election by GP Jersey.
Accordingly, the Company has issued and allotted 40,604,191
ordinary shares to GP Jersey at a price of GBP0.0094 per share in
full and final settlement of amounts owing to GP Jersey.
Application will be made for the 40,604,191 ordinary shares (the
"Settlement Shares") to be admitted to trading on AIM with
admission expected to take place on 20 October 2020 ("Admission").
The Settlement Shares will rank pari passu in all respects with all
existing ordinary shares in the Company.
Following Admission, the Company's enlarged issued share capital
will comprise 688,114,001 ordinary shares with voting rights. This
figure of 688,114,001 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 Disclosure Rules and Transparency Rules of the
United Kingdom Financial Conduct Authority.
For further information:
Solo Oil plc
Tom Reynolds, CEO +44 (0) 20 7466
Doug Rycroft, COO 5000
Strand Hanson Limited, Nominated Adviser
& Broker +44 (0) 20 7409
James Spinney / Ritchie Balmer / Rory Murphy 3494
Buchanan, Financial PR +44 (0) 20 7466
Ben Romney / Kelsey Traynor / James Husband 5000
This announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933 (the
"Securities Act"), or with any securities regulatory authority of
any state or other jurisdiction of the United States. The
securities may not be offered or sold in the United States, except
pursuant to an applicable exemption from or in a transaction not
subject to the registration requirements of the Securities Act and
in compliance with any applicable securities laws of any state or
other jurisdiction of the United States. No public offering of the
securities is being made in the United States.
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END
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