Loan Balance Reduction

RNS Number : 2198I

UK Oil & Gas PLC

31 March 2020

 

UK Oil & Gas PLC

("UKOG" or the "Company")

Loan Balance Reduction

UK Oil & Gas PLC (London AIM: UKOG), announces that, in relation to the £5.5 million financing announced on 7 August 2019 ("Loan"), it has received a notice from Riverfort Global Opportunities PCC Limited and YA II PN Ltd ("Investors") to convert £150,000 of the Loan into UKOG shares.

The Company has today allotted 46,978,348 new ordinary shares to the Investors ("Investor Shares"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares. It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 6 April 2020 ("Admission").  After today's conversion, the Loan's balance has reduced to £2.4 million.

Following Admission of the Investor Shares, the Company's issued share capital will comprise of 7,566,469,018 ordinary shares. As the Company does not hold any shares in treasury, this figure of 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 in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.  

A summary of the loan terms can be seen in the Company's previous announcements on 27 September 2019 and 12 February 2020.

For further information, please contact:

  UK Oil & Gas PLC

Stephen Sanderson / Kiran Morzaria                                                      Tel: [phone]

WH Ireland Ltd  (Nominated Adviser and Broker)

James Joyce / James Sinclair-Ford  Tel: [phone]

Cenkos Securities PLC  (Joint Broker)

Joe Nally / Neil McDonald   Tel: [phone]

Novum Securities  (Joint Broker) 

John Bellis                                                                                                   Tel: [phone]

Public Relations

Brian Alexander                                                                 Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014

 

END

 

 

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