Investment Facility - second closing

RNS Number : 1640B

Solo Oil Plc

06 October 2020

 

6 October 2020

Solo Oil plc

("Solo" or the "Company")

Investment Facility - second closing

Solo (AIM: SOLO), the AIM investing company targeting attractive production and development opportunities within the European energy market, is pleased to announce the completion of the second closing under its previously announced investment facility for up to US$5,000,000 with Prolific Basins LLC, a U.S.-based specialist energy focused investor.

Prolific Basins LLC, as subscriber (the "Subscriber") under the share subscription deed governing the investment facility (the "SSD"), is to make a further investment of US$500,000 into the Company, by way of a prepayment of ordinary shares under the SSD, the details of which were announced to the market on  29 June 2020.

Application will be made to the London Stock Exchange for the ordinary shares issued and allotted in relation to the prepayment to be admitted to trading on AIM, and they will rank pari passu in all respects with all existing ordinary shares in the Company.

Further, as permitted by the terms of the SSD, G.P. (Jersey) Limited ("GP Jersey"), a Channel Islands-based, family office fund and private shareholder in Solo, has elected to invest on similar terms as the Subscriber for the maximum amount permissible under the SSD, being US$500,000.

GP Jersey's investment will be made as a prepayment for ordinary shares in the Company ("GP JerseyShares"), the number (and price) of which will be determined at the time GP Jersey elects to receive such GP Jersey Shares. Upon issue of the GP Jersey Shares, which can occur in single or multiple tranches at the election of GP Jersey, application will be made for the GP Jersey Shares to be admitted to trading on AIM and they will rank pari passu in all respects with all existing ordinary shares in the Company.

Commenting, Tom Reynolds, Chief Executive Officer of Solo, said:

"We are pleased to announce the closing of the second tranche of this facility which bolsters our cash position and gives the Company the flexibility to support its business development activities as it progresses discussions with counterparties to acquire cash generative assets in the European energy space and meet its short-term obligations.

In addition, we have agreed with an existing shareholder in the company, GP Jersey, to participate in the investment structure for the maximum investment of US$500,000. We thank GP Jersey for their continued support and believe their investment is a clear reflection of our investment case at this time."

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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