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Solo Oil raises US$1mln as Prolific Basins and shareholder subscribe for shares

The transactions add flexibility to Solo's funding position as it continues to work on new deals

Solo Oil PLC - Solo Oil raises US$1mln as Prolific Basins and shareholder subscribe for shares

Solo Oil PLC (LON:SOLO) told investors it has completed the second closing under its investment facility with US-based energy investor Prolific Basins LLC.

In June, Solo signed-up to a funding facility with Prolific for up to US$5mln and this latest draw-down is for US$500,000.

GP Jersey, a family office and Solo shareholder, has the right to match Prolific’s investment and has chosen to do so – resulting in a total US$1mln capital boost for the AIM-quoted firm.

READ: Solo boss expects transformative second half

Solo chief executive Tom Reynolds noted that the investments are a clear reflection of the company’s investment case at the current time.

"We are pleased to announce the closing of the second tranche of this facility which bolsters our cash position and gives the company the flexibility to support its business development activities as it progresses discussions with counterparties to acquire cash generative assets in the European energy space and meet its short-term obligations,” Reynolds said in a statement.

Quick facts: Scirocco Energy PLC

Price: 1.245 GBX

AIM:SCIR
Market: AIM
Market Cap: £9.01 m
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