REG - UK Oil & Gas Inv PLC - Closure of YAGM Swap <Origin Href="QuoteRef">UKOGa.L</Origin>

UK Oil & GasAnnouncement

29/10/2014 14:52

RNS Number : 3077V
UK Oil & Gas Investments PLC
27 October 2014
For Immediate Release
27 October 2014
UK Oil & Gas Investments PLC
("UKOG" or the "Company")
UKOG Fully Closes YAGM Equity Swap.
The Board of UK Oil & Gas Investments (AIM: UKOG) is pleased to announce that on 25 October 2014, YA Global Master SPV, Ltd. ("YAGM") agreed to pay the Company a single final payment of 201,250 to terminate the Equity Swap Agreement, the terms of which were announced on 16 December 2013, and complete its obligations to the Company prior to the scheduled 31 January 2015 termination date. The issued share capital of the Company remains unchanged.
YAGM Equity Swap
On the 16 December 2013, UKOG announced that it had entered into a 500,000 Placing Agreement and separately a 250,000 Equity Swap Agreement with YAGM. A sum of 250,000 was paid back by UKOG to YAGM under the Equity Swap Agreement from which UKOG was expected to receive, subject to adjustments, an estimated base amount of 20,833 per month for a 12 month period from 31 January 2014. The final amount of the monthly funds received by the Company under the Equity Swap Agreement was dependent on the price performance of the Company's ordinary shares.
Under the 13 December 2013 Agreement, YAGM could elect to accelerate the payments due to UKOG under certain circumstances. 
For further information, please contact:
UK Oil& Gas Investments PLC
David Lenigas / Donald Strang
Tel: 020 7440 0640
Beaumont Cornish (Nominated Adviser)
Roland Cornish / Michael Cornish
Tel: 020 7628 3396
Hume Capital Securities PLC (Corporate Broker)
David Lawman
Tel: 020 7101 7070
Square 1 Consulting (Public Relations)
David Bick/Mark Longson
Tel: 020 7929 5599
-ENDS-

This information is provided by RNS
The company news service from the London Stock Exchange
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