Additional Information
Market: AIM
Sector: Energy
EPIC: SOLO
Latest Price: 0.47p  (4.44% Ascending)
52-week High: 3.12p
52-week Low: 0.41p
Market Cap: 12.18M
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Solo Oil plans to acquire a diverse portfolio of direct and indirect interests in exploration, development and production oil and gas assets which are based in the Americas, Europe or Africa. Both on-shore and off-shore interests will be considered. The intention is to acquire a widely distributed mix of oil and gas development and production assets.

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RNS Release - Issue of Equity

1st Feb 2012, 7:00 am
RNS Number : 5233W
Solo Oil Plc
01 February 2012
 



For Immediate Release

1 February 2012

Solo Oil plc

('Solo' or 'the Company')

Issue of Equity

Solo today announces that it has issued and allotted 115,384,615 new Ordinary Shares of 0.01p each at a price of 0.65p per share pursuant to a drawdown of £750,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.

These additional funds will be used for capital to increase production in Canada, develop the recently announced Mina El Carmen block in Argentina and further potential cash commitments for Tanzania depending on the results of the current well being drilled.

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 or around the 7 February 2012.

Following admission of the new Ordinary Shares to trading on AIM, the Company's issued share capital consists of 2,519,831,283 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 2,519,831,283.

The above figure of 2,519,831,283 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



Shore Capital

Joint Broker

Pascal Keane

Jerry Keen (Corporate Broker)

 

+44 (0) 20 7408 4090



Pelham Bell Pottinger

Financial 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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