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TIDMSOLO
RNS Number : 6728D
Solo Oil Plc
18 May 2012
18 May 2012
Solo Oil plc
('Solo' or 'the Company')
Issue of Equity and TVR
Solo today announces that it has issued and allotted 32,301,887 new Ordinary Shares of 0.01 p each at a price of 0.464p pursuant to a drawdown of GBP150,000 from the three year GBP10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.
These shares have been issued at a small premium to the closing mid-market price on 17 May 2012 and the funds raised will be used to carry out the imminent test programme in the Ruvuma Basin of Tanzania where Solo holds a 25% working interest in the Ntorya-1 well gas discovery.
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 24 May 2012.
Following Admission, the Company's issued share capital will consist of 2,590,594,708 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 2,590,594,708.
The above figure of 2,590,594,708 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 +44 (0) 20 7440 0642
Beaumont Cornish Limited
Nominated Adviser and Joint
Broker
Roland Cornish +44 (0) 20 7628 3396
Old Park Lane Capital Plc
Joint Broker
Michael Parnes
Luca Tenuta +44(0) 20 7493 8188
Shore Capital
Joint Broker
Pascal Keane
Jerry Keen (Corporate Broker) +44 (0) 20 7408 4090
Pelham Bell Pottinger
Public Relations
Mark Antelme
Henry Lerwill +44 (0) 20 7861 3232
This information is provided by RNS
The company news service from the London Stock Exchange
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