7th Mar 2018 10:49
LONDON (Alliance News) - UK Oil & Gas Investments PLC said Wednesday it converted part of a GBP10 million loan into shares.
The oil and gas investment company converted GBP250,000 of the loan announced in mid November into 16.8 million shares. This implies a price per share of 1.49 pence each. Shares in UK Oil & Gas were 8.7% lower at 1.55 pence on Wednesday.
This conversion came after the loan holders - Cuart Investments PCC Ltd and YA II PN Ltd - issued a notice requesting the conversion.
The new shares are to be admitted to trading next Tuesday. Following admission, UK Oil & Gas will have 3.70 billion shares outstanding.
UK Oil & Gas said GBP6.0 million remains outstanding from the loan after the conversion and this remains convertible by the holders. The holders must convert more than GBP250,000 with each conversion with a limit of GBP3 million converted in a quarter unless otherwise agreed by UK Oil & Gas.
UK Oil & Gas raised the GBP10 million loan - which carries no interest - on November 15, 2017, to support its drilling programme into the new year.
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