UK Oil & Gas PLC Result of General Meeting & Loan Update (7971C)
12 Febrero 2020 - 6:57AM
UK Regulatory
TIDMUKOG
RNS Number : 7971C
UK Oil & Gas PLC
12 February 2020
UK Oil & Gas PLC
("UKOG" or the "Company")
Result of General Meeting & Loan Update
Result of General Meeting
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that at its General Meeting held earlier today, all resolutions put
to shareholders were duly passed.
Confirmation of Loan Terms
In relation to the financing of GBP5.5 million financing
announced on 7 August 2019 ("Loan") from Riverfort Global
Opportunities PCC Limited and YA II PN Ltd ("Investors"), the
current outstanding balance of the Loan following the latest
conversion as announced on 3(rd) February 2020 is GBP3.15
million.
A summary of the terms of the Loan are as follows:
-- The Loan attracts 0% interest and may, at the sole discretion
of the Investors, be converted into new ordinary shares in the
Company.
-- The conversion price is the lower of either a share price of
130% of the Company's average daily VWAP of the 5 days prior to the
Loan drawdown ("Fixed Conversion Price"), or 90% of the Company's
lowest daily VWAP during the 5 days prior to the conversion date
("Variable Conversion Price").
-- The Fixed Conversion Price is 1.3664 pence being the average
daily VWAP for the 5 days preceding the date on which the full
GBP5.5m was drawdown (16 August 2019).
-- The Loan is convertible by the Investors in tranches of not
less than GBP150,000, with a limit of GBP3 million per quarter,
unless otherwise agreed by the Company.
Recent Conversion Example
The conversion of GBP200,000 of the Loan announced on 3(rd)
February 2020 resulted in the issue of 35,663,338 ordinary shares
in the Company to the Investors.
This was calculated using the Variable Conversion Price which
resulted in the 35,663,338 ordinary shares being issued to the
Investors at a price of 0.5608 pence per share. This price per
share was lower than the Fixed Conversion Price which would have
resulted in shares being issued at 1.3664 pence per share.
-End-
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
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
MSCLLLFFBLLEBBZ
(END) Dow Jones Newswires
February 12, 2020 07:57 ET (12:57 GMT)
Uk Oil & Gas (LSE:UKOG)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Uk Oil & Gas (LSE:UKOG)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024