27th Oct 2014 09:52
LONDON (Alliance News) - UK Oil & Gas Investments PLC Monday said it has now terminated its equity swap agreement with YA Global Master SPV Ltd, which agreed to pay UKOG a single final payment of GBP201,250 to terminate the agreement early.
Back in December last year, the company entered into a GBP500,000 placing consisting of 62.5 million shares, and separately entered into an equity swap agreement with YA Global Master worth GBP250,000.
A sum of GBP250,000 was paid back by UK Oil & Gas Investments to YAGM under the equity swap agreement from which UKOG was expected to receive an estimated base amount of GBP20,833 per month for a 12 month period from January 31, 2014.
UKOG said Monday that YAGM has agreed to pay the company a single final payment of GBP201,250 to terminate the equity swap agreement, and complete its obligations to the company prior to the scheduled January 31, 2015 termination date.
The company's shares were trading 0.6% lower Monday morning, at 0.994 pence per share.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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