Issue of Equity and TVR

RNS Number : 0861K

Solo Oil Plc

19 June 2014

 



For Immediate Release

19 June 2014

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity and TVR

Solo Oil plc today announces that it has raised £500,000 gross proceeds through the issue of  178,571,429 new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.28 pence per share (the "Placing").    The Placing Shares which were issued at a discount of approximately 11% to yesterday's closing mid-market price represent approximately 3.9% of the Company's issued share capital.   

Neil Ritson, Solo's Executive Director, commented:

"The funds from the Placing will be deployed in the increasing levels of activity in both the Ruvuma PSC in Tanzania and the Weald Basin in the UK. The upcoming Horse Hilll-1 well in the UK and the processing of seismic over the Ntorya-1 discovery in Tanzania present key value opportunities for Solo."

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 25 June 2013.

Following Admission, the Company's issued share capital will consist of 4,775,299,470 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 4,775,299,470.

The above figure of 4,775,299,470 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) Pelham Bell Pottinger   Public Relations Mark Antelme  Henry Lerwill	[phone] [phone]

 

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