Business
Placing - Further Funding for Weald Basin
Placing - Further Funding for Weald Basin.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 4008Z UK Oil & Gas Investments PLC 26 May 2016 \n\nUK Oil & Gas Investments PLC\n(\"UKOG\" or the \"Company\")\nPlacing for Further Funding for Weald Basin Activities\n \nUK Oil & Gas Investments PLC (London AIM and ISDX: UKOG) is pleased to announce that it has today raised gross proceeds of £4 million through the placing of 266,666,667 new ordinary shares in the Company (\"New Shares\") at 1.5 pence per share to funds managed by an institutional fund manager.\nThe proceeds of the placing will be used to supplement the Company's existing cash balances to specifically facilitate:\n• Furthering the Company's existing Weald Basin portfolio activities, and in particular those activities focussed on near term strategic growth;\n• Potential investment into new Weald Basin and Southern UK onshore oil and gas activities within the Company's investment strategy; \n• General corporate purposes.\nTransaction Summary \nThe Company will applyfor the admission of the New Shares to trading on AIM and such trading is expected to take place on or around 2 June 2016 (\"Admission\"). Following Admission, the Company's issued share capital will consist of 2,310,117,353 Ordinary Shares with no Ordinary Shares held in treasury. Therefore, the above figure of 2,310,117,353 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in UK Oil & Gas Investments PLC under the FCA's Disclosure and Transparency Rules.\nFor further information, please contact:\nUK Oil & Gas Investments PLC\nStephen Sanderson / Jason Berry Tel: 020 7440 0640\n \nWH Ireland (Nominated Adviser and Broker)\nJames Joyce / Mark Leonard  ...