(), soon to be relaunched as Scirocco Energy, is to issue US$425,000 worth of new equity after the subscriber in June’s lending facility issued a part-settlement notice.
It comes after a strong rally in Solo’s share price as joint venture partner Aminex unlocked the Ruvuma joint venture project after the Tanzanian government approved a farm-out transaction with ARA Petroleum.
An investment facility via Prolific Basins LLC – a US-based specialist energy-focused investor – was entered into at the end of June. Some US$1mln has been drawn under the facility to date.
Today, Solo told investors that the subscriber has issued a settlement notice for US$425,000. Solo has issued some 35.8mln new shares to the subscriber, with a deemed price of 0.92p each (Wednesday’s closing price: 2.38p).
“The subscriber’s investment was made as a prepayment for ordinary shares in the company, the number (and price) of which were to be determined at the time the subscriber elected to receive such shares, according to the average of five daily volume-weighted average prices during the twenty trading days prior to the date of such election,” Solo noted in a stock market statement.