Solo has signed a definitive Share Purchase Agreement (SPA) with Swiss based Pan Minerals & Oil AG (Pan Minerals) as previously announced on 9 May 2013 to acquire a 15% shareholding in Pan Minerals.

Solo's aggregate consideration of £500,000 will be made up of £200,000 in cash and 60 million new ordinary Solo shares of 0.01p each as previously announced.

Solo retains a 90 day option for a first right of refusal ("FROR") to participate in any future equity financing of Pan Minerals for the development of its West African oil production opportunities. The FROR will allow Solo, at its sole discretion, to increase its direct equity interest in Pan Minerals from 15% to up to 49.9%.

Tags: Solo Oil