Final Settlement of Legacy Liability and TVR
Company settles legacy liability with Rockhopper Exploration through issue of 59.5m shares at £0.001 each.
- Settlement shares issued 59,523,810 ordinary shares
- Price per share £0.001
- Total Voting Rights post-settlement 1,915,877,779
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United Oil & Gas Plc (AIM: "UOG"), the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK is pleased to announce that the Company has agreed to settle an outstanding legacy liability with Rockhopper Exploration Plc through the issuance of 59,523,810 new ordinary shares at a price of £0.001 per share. The settlement price is consistent with the recent placing price earlier this month.
Application will be made to the London Stock Exchange for the Settlement Shares comprising 59,523,810 new ordinary shares of £0.00001 each, to be admitted to trading on AIM shortly. On completion of the issuance of the shares, the Total Voting Rights ("TVR") will be 1,915,877,779.
Brian Larkin, United Chief Executive Officer commented:
"Settling this legacy liability, which we have provided for in our prior years Accounts, allows us to focus our efforts on advancing our high-impact exploration opportunity in Jamaica, where we continue to progress the farmout process. With this matter now closed, we can drive forward our strategic priorities and deliver value for shareholders."
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.