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US$10m debt facility and UK 14th Round Application
US$10m debt facility and UK 14th Round Application.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 5354V UK Oil & Gas Investments PLC 29 October 2014 \n\nFor Immediate Release\n29 October 2014\n \nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\n \nUKOG secures US$10 million debt facility \n \nUKOG submits application in UK 14th Landward Licence Round\n \nThe Board of UKOG is pleased to announce that the Company has today drawn the first US$1 million of a new US$10 million unsecured debt facility and has jointly applied for a 200 km2 area covering the southern part of the Isle of Wight as part of the UK 14th Landward Licence Round.\n \nDebt Facility:\n \nUKOG has entered into an unsecured US$10 million debt facility to be provided by YA Global Master SPV Ltd (\"YAGM\") to fund further investment in the UK oil and gas sector in accordance with the Company's investing policy (the \"YAGM Facility\"). Any drawdowns by the Company under the YAGM Facility are to be repaid in twelve equal monthly amounts (\"Monthly Repayment Amount\") and carry an annual interest rate of 10 per cent. \n \nUKOG is entitled to pay the Monthly Repayments Amounts either in cash, or at the Company's sole election, by means of conversion of the Monthly Repayment Amount into new ordinary shares, to be issued at a conversion price equal to 95% of the average of the lowest 5 daily volume weighted average prices (\"VWAP\") during the 15 trading days prior to the scheduled repayment date. \n \nAll drawdowns under the YAGM Facility are subject to the prior approval of YAGM. \n \nThe Company has drawn down US$1 million under the YAGM Facility, which is repayable at the rate of US$83,333 per month on or before 1 November 2015, together with accrued interest.\n \nUK 14th Landward Licence Round:\n \nUKOG has submitted an application to the UK Department of Energy and Climate Change (\"DECC\") for a licence in the 14th Landward Licence Round (\"14th Round\"). This application was submitted by DECC's bid deadline of 28 October 2014, in partnership with Angus Energy Limited (\"Angus Energy\") and Solo Oil Plc (\"Solo Oil\").\n \nThe proposed interests are:\n \n· Angus Energy, 5% (operator)\n· UKOG, 65%\n· Solo Oil, 30%\n \nAngus Energy, which is 6% owned by UKOG, is a q...