Business
Loan Conversion & Completion of Acquisition
Loan Conversion & Completion of Acquisition.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4897Y UK Oil & Gas Investments PLC 06 December 2017 \n\nUK Oil & Gas Investments PLC\n (\"UKOG\" or the \"Company\")\n \nLoan Conversion & Completion of Acquisition of 10% of PEDL143\n \nUK Oil & Gas Investments PLC (London AIM: UKOG), announces a further conversion of loan notes and the completion of the acquisition of a further 10% interest in PEDL143.\n \nLoan Conversion \nIn relation to the £10 million financing announced on 15 November 2017 (\"Loan\"), UKOG has received a notice of exercise from Cuart Investments PCC Ltd and YA II PN Ltd to convert part of the Loan, with an aggregate par value of £500,000, into equity.\n \nThe Company has therefore issued today 14,159,092 new ordinary shares to the Investors (\"Loan Conversion Shares\"). Loan Conversion Shares will rank pari passu in all respects with the existing ordinary shares. \n \nAfter today's conversion, the Par Value outstanding on the first £7.5 million tranche of the Loan is £6 million. The second and final £2.5 million tranche will be paid to the Company on 31 December 2017.\n \nLoan Terms\nThe terms of the Loan, as stated by the Company on 15 November 2017, includes a provision that for as long as any portion of the Loan is outstanding, neither the Investors nor any of their affiliates;\n \ni. shall hold any net short position with respect to the equity of UKOG and \nii. can trade more than 15% of the number of UKOG shares that have traded in a trading day.\n \nThe Loan is convertible in tranches of not less than £250,000, with a limit of £3 million per quarter, unless otherwise agreed by the Company.\n \nCompletion of PEDL143 Acquisition, Holmwood Prospect, Weald Basin, UK\nFurther to our announcement dated 25 September 2017, UKOG is pleased to announce that it has received final regulatory consent from the Oil and Gas Authority and has completed the acquisition of a further 10% interest in UK onshore Weald Basin licence PEDL143, from Warwick Energy Exploration and Production Limited (\"Warwick\"). \n \nThis takes UKOG's interest in PEDL143 to 40%. PEDL143 covers 35.5 square miles and is located to the immediate west of Horse Hill licence PEDL137, in which UKOG has a 32.435% interest. The total Purchase Price is payable via the issue to Warwick of 9,382,27...