Convertible Loan Facility Repayment

RNS Number : 4907Z

Solo Oil Plc

03 September 2018

 

FOR IMMEDIATE RELEASE                                                                                                  3 September 2018

SOLO OIL PLC

("Solo" or the "Company")

Convertible Loan Facility Repayment

Solo Oil PLC (London AIM: SOLO), today announces that, in relation to the US$5m Convertible Loan facility previously announced on 14 November 2017 ("Facility"), and the US$1.5m advance ("Loan") drawn at that time, it has now repaid in full all principal, interest and fees payable under the Facility.

Since the last conversion notice actioned on 13 July 2018, the Company has made cash repayments totaling US$810,677 (£624,221 at USD$0.77) less than the £650,000 estimated in our announcement of 6 August 2018, in which we stated our intention to repay the Loan.

Commenting on the convertible loan repayment, Managing Director, Dan Maling, said:

"As was indicated in our open offer document and announcement of 6 August 2018, the Company has now repaid all monies due under the Riverfort arranged convertible loan facility. The Company is now debt free and equipped with a strong balance sheet. Solo is well placed to continue with its monetisation strategy under the guidance of the new board."

The information contained in this announcement is deemed by the Company to constitute inside information for the purposes of the EU Market Abuse Regulation No. 596/2014.

For further information, please contact:

Solo Oil plc Dan Maling	[phone]
Beaumont Cornish Limited Nominated Adviser Roland Cornish / Rosalind Abrahams / Felicity Geidt	[phone]
Shore Capital Broker Jerry Keen Buchanan (PR) Ben Romney / Chris Judd / Henry Wilson	[phone] [phone]

 

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