UK Oil & Gas Investments PLC (LON:UKOG) told investors that there has been a partial conversion of loans into equity, with two investors taking up new shares in the company.
Cuart Investments PCC Ltd and YA II PN Ltd have converted a total of £500,000 into equity, which means that 18.58mln new shares have been issued (and they will be admitted to AIM on January 15).
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The loans were part of a £10mln financing, which at the end of December had £7.5mln of loans outstanding.