£500,000 Capital Raise and TVR
United Oil & Gas PLC announced a £500,000 capital raise through a placing of 250,000,000 new ordinary shares at 0.20p per share, representing a slight discount to the previous day's closing price. The net proceeds will bolster working capital for the farm-out of the Walton-Morant Licence, with placees receiving one warrant for every three shares subscribed, exercisable at 0.28p. Following admission on or around July 9, 2026, the company's enlarged issued share capital will be 4,636,021,868 ordinary shares.
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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 a placing of 250,000,000 new ordinary shares of 0.001p each (the "Placing Shares") at a price of 0.20p per share ("Issue Price"), raising gross proceeds of £500,000 before expenses, by two long term institutional shareholders (the "Placing") arranged by Tennyson Securities. The Issue Price represents a modest discount to the closing mid-market price of 0.23p on 2 July 2026 being the last day prior to the publication of this announcement.
Net proceeds will be applied to strengthen the Company's working capital position as it continues to advance the farm-out of the Walton-Morant Licence. Each placee will receive one warrant for every three Placing Shares subscribed, exercisable at 0.28p per share for 6 months from the date of issue.
Brian Larkin, CEO, commented:
"This Placing, by existing two long term institutional shareholders who know this Company and its assets well, strengthens our working capital at a point when the technical work is complete and the farm-out process is active and progressing. Securing additional working capital under current more favourable market conditions is in our view the prudent course, both for the Company and for shareholders.
We remain focused on progressing the farm-out and will update the market as and when appropriate."
Settlement and Admission
Application will be made to the London Stock Exchange for admission of the 250,000,000 Placing Shares to trading on AIM (the "Admission"). It is expected that Admission will become effective and that dealings in the Placing Shares will commence at 8.00 a.m. on or around 9 July 2026.
Total Voting Rights
Following admission of the Placing Shares, the Company's enlarged issued share capital will comprise 4,636,021,868 ordinary shares. This figure may be used by shareholders as the denominator for calculations to determine whether they are required to notify their interest in the Company under the FCA's Disclosure Guidance and Transparency Rules.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.