The directors of Union Jack Oil plc have announced that the company has raised approximately £1.4 million through a placing of 1 032 589 694 new ordinary shares of 0.025p at a price of 0.135p per Placing Share.
The company, which is currently fully funded for its existing commitments, which include the drilling of the Biscathorpe-2 and Holmwood-1 conventional exploration wells, intends to utilise the proceeds of the Placing to increase its interests in existing licences within the Company’s portfolio. Management are working towards concluding these acquisitions in the near term.
The Placing Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on 6 March 2017. Following admission of the Placing Shares, the enlarged issued share capital will amount to 4 333 063 205 ordinary shares of 0.025p each.
Following admission, the Company's share capital and total voting rights will comprise 4 333 063 205 ordinary shares of 0.025p each and the Company does not hold any shares in treasury. Consequently, 4 333 063 205 is the figure which may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.
David Bramhill, Executive Chairman of Union Jack, commented:
'I would like to thank both existing shareholders and new investors for their financial backing in what was a significantly oversubscribed placing. We are greatly encouraged by the tremendous level of support we have received. In the near term we look forward to being able to provide the market with details of the potential acquisition of additional interests within the Company’s existing portfolio. Union Jack remains debt free and the Company is fully funded for its current drill programme.'
Read the article online at: https://www.oilfieldtechnology.com/special-reports/28022017/union-jack-oil-announces-14-million-placing/