Investment Facility Part Settlement and TVR

RNS Number : 1331C

Solo Oil Plc

15 October 2020

 

15 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 the subscriber under the share subscription deed governing the investment facility ("Investment Facility"), the details of which were announced to the market on 29 June 2020 (the "Subscriber"), has issued the Company a settlement notice for US$425,000 of the total US$1 million subscribed for to date by the Subscriber pursuant to the Investment Facility.

Accordingly, the Company has issued and allotted 35,835,585 ordinary shares, with a deemed price of £0.0092 ("Settlement Shares") to the Subscriber. The Subscriber's investment was made as a prepayment for ordinary shares in the Company, the number (and price) of which were to be determined at the time the Subscriber elected to receive such shares, according to the average of five daily volume-weighted average prices during the twenty trading days prior to the date of such election.

Application will be made for the Settlement Shares to be admitted to trading on AIM with admission expected to take place on 21 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 723,949,586 ordinary shares with voting rights, which is inclusive of the previously announced admission of 40,604,191 ordinary shares expected to be admitted to trading on AIM with on 20 October 2020 in full and final settlement of amounts due to G.P. (Jersey) Limited as announced on 14 October 2020.

This figure of 723,949,586 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 Doug Rycroft, COO	[phone]
Strand Hanson Limited, Nominated Adviser & Broker James Spinney / Ritchie Balmer / Rory Murphy	[phone]
Buchanan, Financial PR Ben Romney / Kelsey Traynor / James Husband	[phone]

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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