Union Jack Oil announce £1.4 million Placing
The Directors of Union Jack Oil plc (UJO: AIM), are pleased to announce that the Company has raised £1.4 million (before expenses) through a placing (the “Placing”) of 560,284,640 new ordinary shares of 0.025p (the “Placing Shares”) at a price of 0.25p (the “Placing Price”) per Placing Share.
The net proceeds from the Placing will provide the Company with working capital and the ability to be active in bidding for certain interests on the 14th Onshore UK Licensing Round. In addition, it will provide the Company with the funds to examine other conventional and unconventional asset opportunities.
David Bramhill, Executive Chairman, commented:
“We are delighted with the result of the significantly oversubscribed Placing and I would like to thank Shore Capital, SP Angel and Northland Capital for the substantial investor demand they generated.”