Solo Oil Plc Issue of Options (9270N)

TIDMSOLO

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   Existing     Ordinary     Total         % of 
                issued        Options      shares                     issued 
                                           held                       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       [phone] 
   Relations                 [phone] 
   Stefania Barbaglio        [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 01, 2016 03:00 ET (07:00 GMT)