REG - UK Oil & Gas PLC - Loan Reduction via Equity Share Subscription

UK Oil & GasAnnouncement

13/03/2024 09:30

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RNS Number : 6867G  UK Oil & Gas PLC  13 March 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

 

Loan Reduction via Equity Share Subscription

 

UK Oil & Gas PLC (London AIM: UKOG) announces that to permit 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 206,965,282 ordinary shares
("Equity Shares"). Future conversion of these Equity Shares by the Investors
will further reduce the principal balance of the £2 million gross first cash
sum received below the prior £0.66 million figure announced on 23 January
2024.

 

It is expected that the Investors will convert the Equity Shares at the
Variable Price 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.

 

The 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.

 

Admission

 

Application has been made for the fourth tranche of Equity Shares, numbering
206,965,282 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
19 March 2024.

 

Following Admission, the total voting rights in the Company will be
3,460,957,892 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.

 

For further information, please contact:

UK Oil & Gas plc

Stephen Sanderson / Allen D Howard/Guzyal Mukhametzhanova
           Tel: 01483 941493

 

WH Ireland Ltd (Nominated Adviser and Broker)
 

James Joyce / James Bavister / Andrew de Andrade
                         Tel: 020 7220 1666

 

Communications

Brian Alexander
 
            Tel: 01483 941493

 

 

The information contained within this announcement is deemed by the Company to
constitute inside information under the Market Abuse Regulation (EU) No.
596/2014, as it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018. Upon publication of this announcement, this information
is now considered to be in the public domain.

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