Solo Oil Raises GBP2.0 Million In Placing Amid Horse Hill Investment (ALLISS)
LONDON (Alliance News) - Solo Oil PLC said Tuesday it raised GBP2.0 million through a share placing in order to fund the acquisition of a further 5% stake in Horse Hill Developments Ltd.
Solo issued 57.1 million shares at 3.5 pence each via a placing and an offer via PrimaryBid.com. The new shares represent 14.6% of Solo's issued share capital prior to the placing.
Shares in Solo closed 4.4% lower at 3.78 pence on Tuesday.
The funds will be used to fund the acquisition of a further 5% stake in Horse Hill Developments which owns a 65% interest the Horse Hill oil discovery in the Weald Basin comprise of licenses PEDL 137 and 246. Solo already owns a 10% stake in Horse Hill Developments.
After the deal closes, Solo will hold a 15% interest in Horse Hill Developments and a 9.8% interest in the PEDL 137 and 246 licenses.
By Ahren Lester; [email protected]
Copyright 2018 Alliance News Limited. All Rights Reserved.
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