Dutchess Opportunity Cayman Fund, Ltd and First Columbus have provided a GBP10 million equity line facility (ELF) with Solo Oil.
All companies, including energy companies like Solo, have found the benefits of the ELF over other structures because the efficiency and ease to raise capital. Dutchess continues to increase its presence in global markets providing funding for all types of companies.
Douglas Leighton (pictured), managing partner of Dutchess, says: “We are pleased to have been chosen by Solo to be the provider of this ELF. The ELF will give the company the flexibility to raise funds when the management deems it opportune to do so. ”
Michael Raber, partner, of First Columbus, Dutchess’ venture partner in the United Kingdom, says: “We have been working closely with Solo for months now evaluating all financing activities and ultimately the ELF proved to be the best fit for the company to raise money at their discretion.”
Neil Ritson, Executive Director of Solo, says: “We feel the ELF is an ideal fit for a company such as ours and will give us added flexibility to expand our portfolio and existing operations. We chose Dutchess and First Columbus because of their reputation in the financial community and their track record with recent similar transactions.”