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

UK Oil & GasAnnouncement

19/04/2024 12:00

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RNS Number : 3655L  UK Oil & Gas PLC  19 April 2024

UK Oil & Gas PLC

("UKOG" or the "Company")

 

 

Loan Reduction via Equity Share Subscription

 

UK 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.

 

It 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.

 

The reduction in the Loan's principal balance from that stated in the
Company's 13(th) 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.

 

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 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.

 

Following 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.

 

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 / Andrew de Andrade / James Bavister
                            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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