UK Oil & Gas plc (UKOG) raised £3 million in a discounted placing 3,428,571,425 new ordinary shares each at 0.0875 pence.
The company said the placing price represented a discount of 20.3% to the closing price of 0.1098 pence per ordinary share on 9 September 2022.
The placing shares are equal to 16.25% of the enlarged issued share capital.
USES
UKOG added it would use the net proceeds for general working capital and to help complete the Phase II Türkiye seismic programme and drilling a new appraisal well in the Basur oil discovery.