Issue of Equity and TVR

RNS Number : 9674D

Solo Oil Plc

04 February 2015

 



For Immediate Release

4 February 2015

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity and TVR

Solo Oil plc today announces that it has raised £700,000 gross proceeds through the issue of 140,000,000 new ordinary shares of 0.01 pence each in the Company ("Placing Shares") at a price of 0.5 pence per share (the "Placing").    The Placing Shares which were issued at a discount of approximately 5% to yesterday's closing mid-market price and represent approximately 2.7% of the Company's enlarged issued share capital.   

Neil Ritson, Solo's Chairman, commented:

"The funds from the Placing will be deployed as working capital in our active investments in both Tanzania and the UK and will permit us to move forward with the development of the discoveries we and our partners have made in the Ruvuma and Weald Basins."

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 10 February 2015.

Following Admission, the Company's issued share capital will consist of 5,153,194,207 Ordinary Shares with a nominal value of 0.01 pence each, with voting rights ("Ordinary Shares"), and 265,324,634 deferred shares of 0.69 pence 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 5,153,194,207.

The above figure of 5,153,194,207 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 Neil Ritson Fergus Jenkins	[phone]
Beaumont Cornish Limited Nominated Adviser and Joint Broker Roland Cornish	[phone]
Old Park Lane Capital Plc Joint Broker Michael Parnes Zoe Alexander Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker) Bell Pottinger                            Public Relations Henry Lerwill	[phone] [phone] [phone]

 

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