Issue of Equity and TVR

RNS Number : 7288Z

Solo Oil Plc

11 March 2013

 

For Immediate Release                                                                                   11 March 2013

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity and TVR

Solo Oil plc announces that it has raised a further £1.0 million gross proceeds through the issue of 200 million new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.5 pence per share to one institutional investor (the "Placing").

Neil Ritson, Solo's CEO, commented:

"The board were offered a further £1m at the same 0.5p price of the financing announced last week from an Institutional investor and the Solo board deemed it prudent to build a bigger "war chest" to assess new investment opportunities in the oil and gas sector."

Application will be made for the Placing Shares, which will rank pari passu with the Company's existing issued ordinary shares, to be admitted to trading on AIM. Dealings in the Placing Shares on AIM are expected to commence on 15 March 2013.

Following Admission, the Company's issued share capital will consist of 4,161,728,041 Ordinary Shares with a nominal value of 0.01p each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69p each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 4,161,728,041.

The above figure of 4,161,728,041 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 to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.

For further information:

Solo Oil plc David Lenigas Neil Ritson	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish Rosalind Hill Abrahams	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Pelham Bell Pottinger                            Public Relations Mark Antelme  Henry Lerwill	[phone] [phone] [phone]

 

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