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Scirocco Energy PLC

Solo Oil Plc - Fund raising of £2m and TVR

RNS Number : 1993G
Solo Oil Plc
28 February 2018
 

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28 February 2018

SOLO OIL PLC

("Solo" or the "Company")

 

Successful Fundraising of £2 million

 

Solo Oil plc (AIM:SOLO), announced on 27 February 2018 the launch of a fundraising comprising of a Company sponsored placing (the "Placing") in conjunction with an offer via PrimaryBid.com (the "Offer") (together the "Fundraising").

 

The Company is pleased to announce that it has successfully closed the Offer and has raised gross proceeds of £2 million at 3.5p per ordinary share.  Accordingly, the Company will allot and issue 57,142,857 new ordinary shares ("New Ordinary Shares") pursuant to the Fundraising.  Application will be made for New Ordinary Shares to be admitted to trading on AIM, which is anticipated to occur on or around 8 March 2018 ("Admission"). The New Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.

 

Total Voting Rights

 

Following Admission, the Company will have 449,480,658 Ordinary Shares in issue with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.  The aforementioned figure of 449,480,658  Ordinary Shares may be used by shareholders 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 Company, under the disclosure requirements applicable to the Company.

 

Neil Ritson, Solo's Executive Chairman, commented;

"The net proceeds from the Fundraising will be used to fund the Company's acquisition of an additional 5% equity interest in Horse Hill Developments Limited ("HHDL"), as well as working capital for work programmes within the Company's existing investments.  As the HHDL group gears up for further testing of the Horse Hill oil discovery, and the anticipated declaration of commerciality, we are keen to increase our interest in this element of our portfolio.  Increasing our exposure by 50% at this time, and at a favourable valuation, provides significant upside for our shareholders and we are pleased have been able to provide new and existing shareholders the opportunity to participate in this Offer via PrimaryBid."

 

Enquiries:

 

Solo Oil plc

Neil Ritson / Dan Maling

 

+44 (0) 20 7440 0642

Beaumont Cornish Limited

Nominated Adviser and Joint Broker

Roland Cornish/Rosalind Abrahams

+44 (0) 20 7628 3396

 

Shore Capital

Joint Broker

Jerry Keen

 

Beaufort Securities Limited (Joint Broker)

Jon Belliss

 

+44 (0) 20 7408 4090

 

 

 

+44 (0)20 7382 8300



PrimaryBid Limited

Dave Mutton

+44 (0)20 7491 6519

 

Buchanan (PR)

Ben Romney / Chris Judd / Henry Wilson

 

 

+44 (0) 20 7466 5000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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