United Oil & Gas plc has raised £800,000 via a conditional placing and subscription for 444,444,444 new ordinary shares of £0.00001 each, at £0.0018 per share.
MEETING
The placing raised £654,852 and an additional £145,148 was directly subscribed for with the company.
United said that the fundraising was “significantly oversubscribed and was scaled back”.
Every two new ordinary shares subscribed has one warrant attached, exercisable at £0.0028 until the expiry date of 30 June 2026.
Following admission, the company’s enlarged issued share capital will comprise 2,508,322,223 ordinary shares.
United will request shareholder to authorise the issue of the fundraising shares and warrants in the general meeting on 25 July 2025.
Net proceeds will support the farm-out process for the Walton Morant licence, offshore Jamaica and general working capital.