Business
Placing to raise £1.25 million
Placing to raise £1.25 million.
About this update from United Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 8520Z United Oil & Gas PLC 20 December 2017 \n\nFor immediate release 20th December 2017 \n \n \nUnited Oil & Gas Plc \n (\"UOG\", \"United\" or the \"Company\")\nPlacing to raise £1.25 million\n \nUnited Oil and Gas Plc, the oil and gas exploration company, is pleased to announce a placing of 31,250,000 new ordinary shares of £0.01 each in the capital of the Company (the \"Placing Shares\") at a price of £0.04 per Placing Share (the \"Placing Price\"). The placing will raise, in aggregate, £1.25million (before expenses) (the \"Placing\"). \nApplications are being made to the UK Listing Authority and the London Stock Exchange for the Placing Shares, representing 13.46%of the Company's enlarged issued share capital, to be admitted to the Official List and to trading on the London Stock Exchange's main market for listed securities (the \"Admission\"). It is expected that Admission will become effective on or around 27December 2017. \n \nFollowing the issue of the Placing Shares, which will rank pari passu with the existing ordinary shares in issue, the total number of ordinary shares in issue with voting rights in the Company is 232,185,001. There are no shares held in treasury.\n \nThe above figure of 232,185,001 may therefore be used by shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.\n \nBrian Larkin, CEO commented: \n\"We are extremely pleased to have completed this placing before the year end. The proceeds of this placing will be used to advance potential near-term acquisitions and farm-in opportunities and also ensures...