Issue of Options

RNS Number : 9270N

Solo Oil Plc

01 November 2016

 

1 November 2016

Solo Oil plc

('Solo' or 'the Company')

Issue of Options

Solo Oil plc today announces that it has issued a total of 212,500,000 options representing 3.04 per cent. of the Company's issue share capital to directors and a joint broker ("the Options").

The Options have (i) an exercise price of 0.35p per share (representing an approximate 50% premium to the closing price on 28 October), (ii) a 5 year term, and (iii) only vest once the 30 day volume-weighted average price of the Company's shares exceeds 0.50p.

Details of Directors' Options and shares are as follow:

Name	New Options issued	Existing Options	Ordinary shares held	Total	% of issued capital
N. Ritson	50,000,000	54,000,000	33,000,000	147,000,000	2.10
D. Maling*	65,000,000	-	-	65,000,000	0.93
F. Jenkins	50,000,000	15,000,000	-	65,000,000	0.93
D. Strang	40,000,000	-	-	40,000,000	0.57

* appointed 10 August 2016

In addition to the Directors' Options detailed above, 7,500,000 options have been issued to Beaufort Securities Limited with the same exercise and vesting conditions in part consideration of their services as a joint broker.

Following these issues, the Company has 623,952,777 outstanding options in total, representing approximately 8.93 per cent. of the existing issued share capital.

For further information:

Solo Oil plc Neil Ritson Daniel Maling	[phone]
Beaumont Cornish Nominated Adviser and Joint Broker Roland Cornish	[phone]
Shore Capital Joint Broker Jerry Keen Beaufort Securities Joint Broker Jon Belliss Cassiopeia Services Ltd Investor and Media Relations Stefania Barbaglio	[phone] [phone] [phone]

 

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