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Solo Oil reports issue of Equity and TVR


Published May 21, 2012
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Solo Oil

Solo has issued and allotted 32,301,887 new Ordinary Shares of 0.01 p each at a price of 0.464p pursuant to a drawdown of £150,000 from the three year £10 million Equity Line Facility with Dutchess Opportunity Cayman Fund Ltd.

These shares have been issued at a small premium to the closing mid-market price on 17 May 2012 and the funds raised will be used to carry out the imminent test programme in the Ruvuma Basin of Tanzania where Solo holds a 25% working interest in the Ntorya-1 well gas discovery.

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