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UK Oil & Gas Investments reports partial conversion of debt into equity

Two investors are converting debt in exchange for new shares
oil and gas operations
£500,000 worth of shares are being issued

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).

READ: UK Oil & Gas Investments one of five slick oil picks for 2018

The loans were part of a £10mln financing, which at the end of December had £7.5mln of loans outstanding.

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