United Oil & Gas has raised gross £140,000 through a placing of 100 million new ordinary shares of £0.0001 each at a price of 0.14 pence per share with an existing shareholder.
TVRs
The placing utilises the company’s current remaining share issuance authority, excluding existing warrants.
Following admission, United’s total issued share capital will comprise 2,015,877,779 ordinary shares.
Proceeds of the placing will be used as working capital and to support the farm-out process of the 22,400km2 Walton Morant licence, offshore Jamaica.
United said that “multiple” parties remained under non-disclosure agreements and are conducting due diligence.