UK Oil & Gas PLC Loan Conversion (4645M)
16 Septiembre 2019 - 05:33AM
UK Regulatory
TIDMUKOG
RNS Number : 4645M
UK Oil & Gas PLC
16 September 2019
UK Oil & Gas PLC
("UKOG" or the "Company")
Loan Conversion
UK Oil & Gas PLC (London AIM: UKOG), announces that, in
relation to the GBP5.5 million financing announced on 7 August 2019
("Loan"), it has received a notice from Riverfort Global
Opportunities PCC Limited and YA II PN Ltd ("Investors") to convert
GBP600,000 of the Loan into UKOG shares. After today's conversion,
the Loan's balance has reduced to GBP4.9 million.
The Company has today allotted 60,926,076 new ordinary shares to
the Investors ("Investor Shares"). The Investor Shares will rank
pari passu in all respects with the existing ordinary shares. It is
anticipated that the Investor Shares will be admitted to trading on
AIM on or around 20 September 2019 ("Admission").
Following Admission of the Investor Shares, the Company's issued
share capital will comprise 6,420,204,943 ordinary shares. As the
Company does not hold any shares in treasury, this figure of
ordinary shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Loan Summary
The Loan terms are summarised as follows:
-- GBP5.5 million advanced to the Company on 16 August 2019.
-- The Loan has 0% interest and is payable at the term end of 16 August 2021.
-- For the avoidance of doubt, no repayment in cash is due or
can be called upon by the Investors until the term end of 16 August
2021.
-- Prior to the term end, the Investors can convert tranches of
the Loan into UKOG shares thereby reducing the Loan's balance.
-- Each conversion notice cannot be less than GBP150,000, with
an aggregate limit of GBP3 million per 3 month period, commencing
from 16 August 2019, unless otherwise agreed by the Company.
-- The conversion price is the lower of either a share price of
130% of the Company's average VWAP prior to the Loan drawdown
('Fixed Conversion Price'), or 90% of the Company's lowest VWAP
during the five days prior to the conversion date.
-- The Company can elect to repay in cash all or part of the Loan prior to term end.
-- The Loan also includes a provision which prevents the
Investors, or any of their affiliates, from holding any net short
position with respect to UKOG's equity and, with full disclosure to
UKOG, restricts the Investors' trades, on any given day, to no more
than 15% of the number of UKOG shares traded that day.
-- A further advance of up to GBP4.5 million on the same terms
is available to the company dependent on the operational
performance of the Horse Hill oil field.
For further information, please contact:
UK Oil & Gas PLC
Stephen Sanderson / Kiran Morzaria Tel: 01483 900582
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / James Sinclair-Ford Tel: 020 7220 1666
Cenkos Securities PLC (Joint Broker)
Joe Nally / Neil McDonald Tel: 0207 397 8919
Novum Securities (Joint Broker)
John Bellis Tel: 020 7399 9400
Public Relations
Brian Alexander Tel: 01483 900582
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
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.
END
CONCKADNKBKDBCD
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September 16, 2019 06:33 ET (10:33 GMT)
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