LONDON - United Oil & Gas PLC (AIM: UOG), a player in the oil and gas industry with assets in Jamaica and the UK, has successfully completed an oversubscribed placing, raising gross proceeds of £0.7 million. The fundraising involved issuing 700,000,000 new ordinary shares, which will represent 60.54% of the company's issued share capital post-issuance.
The initial tranche of the placing shares, amounting to 385,000,000 shares, will raise £385,000 and is expected to be admitted to trading on the AIM market of the London Stock Exchange (LON:LSEG) by December 18, 2024. The company utilized existing shareholder authorities for this first tranche.
A general meeting is scheduled for January 8, 2025, to seek shareholder approval for the issuance of the remaining 315,000,000 shares and associated placing warrants. Subject to shareholder approval and other conditions, the second tranche is anticipated to commence trading on January 9, 2025.
The placing shares and the subscription shares, collectively termed the "Fundraising," are conditional upon the Placing Agreement becoming unconditional and not terminated prior to admission, as well as the approval of certain resolutions at the forthcoming General Meeting.
The new ordinary shares will be fully paid and will rank pari passu in all respects with the existing ordinary shares of the company, including the right to receive all dividends and distributions declared, made, or paid after their admission.
Graham Martin, a chairman of the company, participated in the subscription, which will result in his shareholding increasing to 24,089,730 shares post-subscription.
This fundraising event is part of United Oil & Gas's strategy to grow its business through portfolio optimization and targeted acquisitions. The company is led by an experienced management team and has established partnerships within the industry.
It is important to note that the securities discussed have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from registration. There will be no public offering of the securities in the United States.
The information contained in this article is based on a press release statement from United Oil & Gas PLC.
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