Solo Oil plc (LON: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 has now announced 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 Oil Plc 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.”
