Business
Loan Reduction via Equity Share Subscription
Loan Reduction via Equity Share Subscription.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \n \nLoan Reduction via Equity Share Subscription\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that to enable further orderly reduction of the balance of the funding facility announced on 28 June 2023 (\"Loan\"), it has delivered to RiverFort Global Opportunities PCC Limited and YA II PN Ltd (\"Investors\") a tranche of 200,000,000 ordinary shares (\"Equity Shares\"). Future conversion of these Equity Shares by the Investors will further reduce the current £0.545 million principal balance of the £2 million gross first cash sum received.\n \nIt is expected that the Investors will convert these Equity Shares at the Variable Price, being equivalent to 100% of the Company's lowest daily volume weighted average price (\"VWAP\") in the fifteen trading days preceding the conversion date, or the date the Equity Shares are applied to discharge the Loan.\n \nThe reduction in the Loan's principal balance from that stated in the Company's 13th March 2024 RNS results from the conversion of the prior tranche of 206,965,282 ordinary shares by the Investors at an average price of approximately 0.054 pence per share. \n \nThe Investors' share transactions remain subject to the orderly market, no short position and Investors voting in favour of the Company obligations as previously announced on 28 June 2023.\n \nAdmission\n \nApplication has been made for this tranche of Equity Shares, numbering 200,000,000 ordinary shares in total, to be admitted to trading on AIM (\"Admission\"). Admission is expected to take place at 8.00 a.m. on or around 26 April 2024.\n \nFollowing Admission, the total voting rights in the Company will be 3,660,957,892 ordinary shares and Shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure, Guidance and Transparency Rules.\n \nFor further information, please contact:\nUK Oil & Gas plc\nStephen Sanderson / Allen D Howard / Guzyal Mukhametzhanova Tel: 01483 941493\n \nWH Ireland Ltd (Nominated Adviser and Broker...