Equity Line Facility

RNS Number : 8254R

Solo Oil Plc

10 November 2011

 

Immediate Release                                                                                                              10 November 2011

Solo Oil plc

('Solo' or 'the Company')

Completion of a GBP 10 million Equity Line Facility

Solo Oil plc today announces that it has secured a three year Equity Line Facility ("ELF") of up to £10 million with Dutchess Opportunity Cayman Fund Ltd ("Dutchess"). The ELF has been arranged by First Columbus LLP who is Dutchess's joint venture partner in the UK.

The ELF offers the Company ongoing access to capital as it enables the Company to obtain funding from Dutchess at any time during the next three years by way of subscription for new ordinary shares in the Company.  Subscriptions will be priced at a 5 per cent discount to the market price and will take place at timings and intervals and in sizes solely determined by the Company, subject to the agreed mechanisms specified under the ELF.

The ELF may be drawn down in tranches linked to the Company's average daily trading volume in the three days prior to the notice of draw down or in other specified amounts. The Company is able to specify a minimum acceptable price for each tranche to prevent shares being sold in the market at an unacceptable discount.  Currently Solo has not drawn on the ELF facility.

Notes to Editors:

About Dutchess Capital

Dutchess Capital was founded in 2000. Since then, Dutchess has been a market leader and innovator in providing ELFs and other unique financing structures for publicly-traded companies.

Dutchess has transacted over $2 billion in ELF commitments globally. Dutchess has over 10 years of experience assisting companies throughout the process, as well as the financial wherewithal to fund the company throughout the entire commitment. Dutchess sources worldwide investment opportunities, with offices in Boston, New York, London, Seoul and Beijing.

For more information, visit: www.dutchesscapital.com

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen	[phone]
Pelham Bell Pottinger Financial Public Relations Mark Antelme Henry Lerwill	[phone]

 

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