United Oil & Gas plc has received its shareholders’ support for February’s £1 million discounted conditional fundraise via a placing.
Voting remained open for three days until 18 March and the general meeting adjourned until today.
United had warned that its future would be under threat if its investors refused to back the fundraise.
The issue of the 500 million fundraising shares represents 76.18% of the company’s issued ordinary share capital.
The company’s resolution for the sub-division of its existing ordinary shares of £0.01 each into new ordinary shares of £0.00001 was also passed.
Following the capital reorganisation and on admission of the fundraising shares, United’s total issued share capital will comprise 1,156,353,969 ordinary shares of £0.00001, each with one vote.
The company currently holds no shares in treasury.