Business
Loan Conversion & Exercise of Warrants
Loan Conversion & Exercise of Warrants.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 9543S UK Oil & Gas Investments PLC 28 June 2018 \n\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the\"Company\")\n \nLoan Conversion & Exercise of Warrants\n \nLoan Conversion\n \nUK Oil & Gas Investments PLC (London AIM: UKOG), announces that, in relation to the £10 million financing announced on 15 November 2017 (\"Loan\"), it has received a notice of exercise from Cuart Investments PCC Ltd and YA II PN Ltd (\"Investors\") to convert part of the Loan, with an aggregate par value of £750,000, into equity (\"Conversion Notice\").\n \nThe Company has, therefore, today allotted 65,133,190 new ordinary shares to the Investors (\"Investor Shares\"). The Investor Shares will rank pari passu in all respects with the existing ordinary shares. \n \nApplication will be made for these Investor Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 5 July 2018. After today's conversion, the Par Value outstanding on the Loan is £1.75 million.\n \nLoan Terms\n \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, starting from the 15 November 2017, unless otherwise agreed by the Company. \n \nExercise of Warrants\nUKOG announces that it has received notice of the exercise of warrants to subscribe for a total of 3,000,000 new ordinary shares in the Company (the \"New Ordinary Shares\"). The exercise price of the warrants was 1.15 pence. \nApplication will be made for these New Ordinary Shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 5 July 2018.\n \nFollowing Admission, the Company's enlarged issued share capital will comprise 4,705,264,842 ordinary shares. The Company does not hold any shares in treasury. This figure of 4,705,264,842 ordinary shares may be used by share...