Business
Result of General Meeting & Loan Update
Result of General Meeting & Loan Update.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 7971C UK Oil & Gas PLC 12 February 2020 \n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \nResult of General Meeting & Loan Update\n \nResult of General Meeting\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that at its General Meeting held earlier today, all resolutions put to shareholders were duly passed.\n \nConfirmation of Loan Terms \n \nIn relation to the financing of £5.5 million financing announced on 7 August 2019 (\"Loan\") from Riverfort Global Opportunities PCC Limited and YA II PN Ltd (\"Investors\"), the current outstanding balance of the Loan following the latest conversion as announced on 3rd February 2020 is £3.15 million. \n \nA summary of the terms of the Loan are as follows:\n \n· The Loan attracts 0% interest and may, at the sole discretion of the Investors, be converted into new ordinary shares in the Company.\n \n· The conversion price is the lower of either a share price of 130% of the Company's average daily VWAP of the 5 days prior to the Loan drawdown (\"Fixed Conversion Price\"), or 90% of the Company's lowest daily VWAP during the 5 days prior to the conversion date (\"Variable Conversion Price\").\n \n· The Fixed Conversion Price is 1.3664 pence being the average daily VWAP for the 5 days preceding the date on which the full £5.5m was drawdown (16 August 2019).\n \n· The Loan is convertible by the Investors in tranches of not less than £150,000, with a limit of £3 million per quarter, unless otherwise agreed by the Company.\n \nRecent Conversion Example\n \nThe conversion of £200,000 of the Loan announced on 3rd February 2020 resulted in the issue of 35,663,338 ordinary shares in the Company to the Investors.\n \nThis was calculated using the Variable Conversion Price which resulted in the 35,663,338 ordinary shares being issued to the Investors at a price of 0.5608 pence per share. This price per share was lower than the Fixed Conversion Price which would have resulted in shares being issued at 1.3664 pence per share.\n \n-End-\n \nFor further information, please contact:\n \nUK Oil & Gas PLC\nStephen Sanderson / Kiran Morzaria ...