Solo announces that it has accessed £363,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd to continue funding the developments and current flow testing programme at the Ntorya-1 discovery well in Tanzania. Solo holds a 25% working interest in the Ruvuma PSA.
Solo has issued and allotted 90,844,685 new Ordinary Shares of 0.01 p each at a price of 0.40p pursuant to the drawdown. An Application will be made for the new ordinary shares to be admitted to trading on the AIM Market. The new ordinary shares will rank pari passu with the existing ordinary shares in the Company and trading of these shares on AIM is expected to commence on the 1 August 2012.
Following Admission, the Company's issued share capital will consist of 2,778,344,708 Ordinary Shares with a nominal value of 0.01p each, with voting rights (Ordinary Shares), and 265,324,634 deferred shares of 0.69p each. The deferred shares are non-voting, are not admitted to trading on AIM and are not entitled to any participation in the profits or the assets of the Company. The Company does not hold any Ordinary Shares in Treasury. Therefore the total number of Ordinary Shares in the Company with voting rights is 2,778,344,708.
The above figure of 2,778,344,708 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Service Authority's Disclosure and Transparency Rules.