Solo Oil has raised £1.5 million gross proceeds through the issue of 375 million new ordinary shares of 0.01p each in the Company ("Placing Shares") at a price of 0.4 pence per share to one institutional investor (the "Placing") together with one warrant for every allocated Placing Share subscribed, each warrant entitling the holder to subscribe for one ordinary share in the Company at 0.4 pence per ordinary share with an exercise period of six months ("the Warrants") from Admission.

Neil Ritson, Solo's CEO, commented,"The funds will be used to further strengthen the Company's balance sheet and the Company will actively seek to increase its shareholding in existing and proposed investments. These funds will also allow the Company to investigate new investments opportunities in the oil and gas sector."

Tags: Solo Oil