Petroleum Africa
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Tuesday, September 20, 2016
Solo Oil raised £2,000,000 gross proceeds through the issue of 1,111,111,111 new ordinary shares of 0.01 pence each in the company at a price of 0.18 pence per share in a company sponsored placement to a single institutional investor, being Epsilon Pty. The placing shares will when issued represent 15.9% of the enlarged issued share capital.
The proceeds of the placing will be used to fund Solo’s share of the Ntorya-2 well in Tanzania and to settle all outstanding amounts due to YA Global Master SPV, Ltd under an Equity Swap Agreement which has now been terminated.
Neil Ritson, Solo’s Chairman, commented: “The Company is now funded for its share of the estimated dry-hole costs for the upcoming high impact Ntorya-2 appraisal well in Ruvuma Basin, Tanzania. We look forward to further updates from the operator Aminex as we near the expected spud date during the fourth quarter of this time.”
Application will be made for the Placing Shares, which will rank pari passu with Solo’s existing issued ordinary shares, to be admitted to trading on AIM. Dealings in the Placing Shares on AIM are expected to commence on or before September 23, 2016.
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