Business
Further Reduction in Loan Balance
Further Reduction in Loan Balance.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \n \n RNS Number : 8467O\n UK Oil & Gas PLC\n 03 June 2020\n \n \n \n \n UK Oil & Gas PLC\n \n \n (\"UKOG\" or the \"Company\")\n \n \n \n \n \n Further Reduction in Loan Balance \n \n \n UK Oil & Gas PLC (London AIM: UKOG), \n is pleased to announce that it has repaid a further £100,000 of the \n £5.5 million convertible loan note \n (\n \"Loan\") with \n Riverfort Global Opportunities PCC Limited\n and YA II PN Ltd\n (\"\n Investors\")\n . The repayment has reduced \n the Loan's balance to £1.75 million.\n \n \n \n \n \n The repayment was made via the conversion mechanism outlined in the announcements dated 27 September 2019 and 12 February 2020. Therefore, \n the Company has today allotted 52,192,067 new ordinary shares to the Investors (\"Investor Shares\"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares.\n \n It is anticipated that the Investor Shares will be admitted to trading on AIM on or around 10 June 2020 (\"Admission\"). \n \n \n \n \n \n Following Admission of the Investor Shares, the Company's issued share capital will comprise 8,738,995,288 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. \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n UK Oil & Gas PLC\n \n \n \n Stephen Sanderson / Kiran Morzaria Tel: \n 01483 941493\n \n \n \n \n \n \n WH Ireland Ltd\n \n (Nominated Adviser and Broker)\n \n \n James Joyce / James Sinclair-Ford Tel: 020 7220 1666\n \n \n \n \n \n \n Cenkos Securities PLC\n \n (Joint Broker)\n \n \n Joe Nally / Neil McDonald Tel: 0207 397 8919\n \n \n \n \n \n \n Novum Securities\n \n (Joint Broker) \n \n \n John Bellis &nbs...