Solo Oil PLC (LON:SOLO), today announced that, in relation to the US$5m Convertible Loan facility previously announced on 14 November 2017, and the US$1.5m advance drawn at that time, it has now repaid in full all principal, interest and fees payable under the Facility.
Since the last conversion notice actioned on 13 July 2018, the Company has made cash repayments totaling US$810,677 (£624,221 at USD$0.77) less than the £650,000 estimated in our announcement of 6 August 2018, in which we stated our intention to repay the Loan.
Commenting on the convertible loan repayment, Solo Oil PLC Managing Director, Dan Maling, said: “As was indicated in our open offer document and announcement of 6 August 2018, the Company has now repaid all monies due under the Riverfort arranged convertible loan facility. The Company is now debt free and equipped with a strong balance sheet. Solo is well placed to continue with its monetisation strategy under the guidance of the new board.”
