UK Oil & Gas plc (UKOG) raised gross £750,000 via a placing of 3,750,000,000 new ordinary shares at a price of 0.02 pence per share.
The placing price represents a 20% discount to the closing price of 0.0250 pence per ordinary share on 11 January 2024, and 13% of the enlarged issued share capital.
CMC Markets UK plc acted as sole bookrunner and has been appointed joint broker to UKOG following the placing.
The total voting rights in the company is 28,658,513,710.
Proceeds will accelerate specific unbudgeted studies/works during 2024 for UKOG’s hydrogen storage project in Portland, Dorset as part of its planned bid in the Government allocation round, brought forward to Q3 2024.
Funds will also go towards general working capital for its oil and gas projects in the UK and Turkey.