Business
Placing and termination of convertible loan
Placing and termination of convertible loan.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n\nUK Oil & Gas PLC\n(\"UKOG\" or the \"Company\")\n \nPlacing and termination of convertible loan\n \nUK Oil & Gas PLC (London AIM: UKOG) is pleased to announce that it has successfully raised gross proceeds of £0.5 million by means of a placing (the \"Placing\") of new Ordinary Shares (the \"Placing Shares\") at a price of 0.015 pence per share (the \"Placing Price\"). The Placing Price represents a discount of approximately 28% per cent to the Closing Price of 0.021 pence per Ordinary Share on 09 July 2024, being the latest practicable business day prior to the publication of this Announcement.\nUse of Proceeds:\n \nThe Placing's proceeds will firstly be employed to repay in full the balance of the convertible funding facility with RiverFort Global Opportunities PCC Limited and YA II PN Ltd as per the Company's RNS of 21st June 2024, and as originally announced on 28th June 2023.\nThe remaining funds will be used directly to further the Company's material hydrogen storage projects by enabling the completion of necessary internal and external technical studies and reports required as part of an application for government Revenue Support in a first allocation round, currently scheduled to commence in Q3 2024 and complete by year end (see RNS 29th May and 27th June 2024).\nThe funds will also permit the Company to fully prepare and engage with further prospective strategic partners to seek, as a minimum, Letters of Support (\" LOS\") along the lines of those recently furnished by Sumitomo and SGN, such LOS being a necessary requirement for any successful allocation award (see RNS 29th May and 27th June 2024).\nPlacing Summary\n \n· The Placing raised £500,000 (before expenses) through the issue of 3,333,333,333 Placing Shares at the Placing Price.\n· The net proceeds of the Placing will be used as described above.\n· Participants in the Placing have subscribed on the basis of the customary terms and conditions of the Placing.\nThe Placing\n \nThe Company will issue 3,333,333,333 Placing Shares, to raise gross proceeds of £500,000 to participants in the Placing. The Placing Shares will be admitted (\"Admission\") to trading on the AIM market (\"AIM\") of London Stock Exchange plc (\"LSE\") on or around 18 July 2024. CMC Markets UK Pl...