United Oil & Gas plc will issue 444,444,444 new ordinary shares with a nominal value of £0.00001 each, relating to the £800,000 fundraise earlier this month.
The company today received shareholders’ approval to authorise the issue of the fundraising shares and warrants.
One warrant will be attached to every two new ordinary shares issued, exercisable at £0.0028 and with an expiry date of 24 July 2026.
Following admission, United will have 2,513,322,223 total voting rights.
Proceeds will advance the farm-out process for the company’s Walton Morant licence, offshore southern Jamaica.