Issue of Equity

RNS Number : 5233W

Solo Oil Plc

01 February 2012

 



For Immediate Release

1 February 2012

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity

Solo today announces that it has issued and allotted 115,384,615 new Ordinary Shares of 0.01p each at a price of 0.65p per share pursuant to a drawdown of £750,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.

These additional funds will be used for capital to increase production in Canada, develop the recently announced Mina El Carmen block in Argentina and further potential cash commitments for Tanzania depending on the results of the current well being drilled.

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 or around the 7 February 2012.

Following admission of the new Ordinary Shares to trading on AIM, the Company's issued share capital consists of 2,519,831,283 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 2,519,831,283.

The above figure of 2,519,831,283 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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