UK Oil & Gas PLC Equity Share Issue (3725S)
03 Noviembre 2023 - 6:14AM
UK Regulatory
TIDMUKOG
RNS Number : 3725S
UK Oil & Gas PLC
03 November 2023
UK Oil & Gas PLC
("UKOG" or the "Company")
Equity Share Issue
UK Oil & Gas PLC (London AIM: UKOG) announces that as part
of the previously announced GBP3 million funding facility of 28
June 2023 ("Loan"), it has delivered to RiverFort Global
Opportunities PCC Limited and YA II PN Ltd ("Investors") the first
and second tranches of ordinary shares ("Equity Shares") in
relation to the first cash sum received of GBP2m gross. These
shares can be converted at the Investors' discretion to repay the
Loan, the balance of which now stands at approximately GBP1.4
million.
The Loan's first tranche of 1,300,000,000 has been converted by
the Investors at an average price of 0.0504 pence per share.
Investors can elect to convert the second tranche of 1,424,487,652
Equity Shares at the lower of the Variable Price* or the Fixed
Price**.
Any Equity Shares unsold at the end of the loan term or on early
repayment shall be sold by the Investors and the net proceeds
repaid to the Company.
The Investors share transactions remain subject to the orderly
market, no short position and Investor voting in favour of the
Company provisions as previously announced on 28 June 2023.
Admission
Application has been made for the first and second tranches of
the Equity Shares, numbering 2,724,487,652 ordinary shares in
total, to be admitted to trading on AIM ("Admission"). Admission is
expected to take place at 8.00 a.m. on or around 8 November
2023.
Following Admission, the total voting rights in the Company will
be 23,820,863,756 ordinary shares and Shareholders may use this
figure as the denominator by which they are required to notify
their interest in, or change to their interest in, the Company
under the FCA's Disclosure, Guidance and Transparency Rules.
*: Variable Price is equivalent to 100% of the Company's lowest
daily volume weighted average price ("VWAP") in the 15 trading days
preceding the conversion date or the date the Equity Shares are
applied to discharge the Loan
**: Fixed Price is the lower of either a 35% premium to a
Reference Price being the average of the 5 daily VWAPs prior to the
date of the relevant Loan drawdown (i.e., 135% of the Reference
Price) or the lowest price at which the Company has issued equity
in a fundraising whilst the loan is outstanding.
For further information, please contact:
UK Oil & Gas plc
Stephen Sanderson / Allen D Howard Tel: 01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade / James Bavister Tel: 020 7220
1666
Communications
Brian Alexander Tel: 01483 941493
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014 , as it forms part of UK domestic law
by virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this announcement, this information is now
considered to be in the public domain.
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This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
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END
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November 03, 2023 08:14 ET (12:14 GMT)
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