Issue of Equity

RNS Number : 1019V

Solo Oil Plc

06 January 2012

 



Solo Oil plc

('Solo' or 'the Company')

Issue of Equity

Solo today announces that it has issued and allotted 59,322,034 new Ordinary Shares of 0.01 p each pursuant to a drawdown of £350,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.

The Application will be made for the new ordinary shares to be admitted to trading on the AIM Market. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company and trading of these shares on AIM is expected to commence on the 12^th January 2012.

Following Admission, the Company's issued share capital will consist of 2,404,446,668 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 2,404,446,668.

The above figure of 2,404,446,668 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	[phone]
Shore Capital Joint Broker Pascal Keane Jerry Keen (Corporate Broker)	[phone]
Pelham Bell Pottinger Financial Public Relations Mark Antelme Henry Lerwill	[phone]

 

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