UK Oil & Gas plc has reduced its 2023 loan by issuing 200 million ordinary shares to lenders RiverFort Global Opportunities PCC Ltd and YA II PN Ltd.
Conversion of the equity shares will further reduce the current £545,000 principal balance of the £2m gross first cash sum received.
UKOG said that the reduction in the loan’s principal balance from 18 March, resulted from the investors’ conversion of the previous tranche of 206,965,282 ordinary shares at an average price of approximately 0.054 pence per share.
Following admission of the 200m ordinary shares, the total voting rights in the company will be 3,660,957,892 ordinary shares.