UK Oil & Gas PLC (UKOG.L) Loan Balance Reduction

UK Oil & Gas PLC (London AIM: UKOG), announces that, in relation to the £5.5 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 £75,000 of the Loan into UKOG shares.

The Company has today allotted 27,726,433 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 29 April 2020 (“Admission”). After today’s conversion, the Loan’s balance has reduced to £2.325 million

Following Admission of the Investor Shares, the Company’s issued share capital will comprise of 7,849,297,492 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.

A summary of the loan terms can be seen in the Company’s previous announcements on 27 September 2019 and 12 February 2020.

Linking Shareholders and Executives :Share Talk

If anyone reads this article found it useful, helpful? Then please subscribe or follow SHARE TALK on our Twitter page for future updates.

Terms of Website Use

All information is provided on an as-is basis. Where we allow Bloggers to publish articles on our platform please note these are not our opinions or views and we have no affiliation with the companies mentioned

ukog1 - UK Oil & Gas PLC (UKOG.L) Loan Balance Reductionukog1 - UK Oil & Gas PLC (UKOG.L) Loan Balance Reduction
Share via
Copy link
Malcare WordPress Security