UK Oil & Gas plc (UKOG) has raised approximately £5 million through a placing of 2,763,888,878 new ordinary shares (placing shares).
The placing’s issue price of 0.18 pence per share represents approximately a 22% discount to the closing price of the company’s ordinary shares on 01 July 2021, the business day prior to the placing’s close.
UKOG added it would soon set out to shareholders the terms of an open offer, allowing existing shareholders to subscribe for further shares at the placing price pro-rata to their existing holdings.
The open offer will be for a maximum amount of £5m. The placing shares will not form part of the shares eligible to participate in the open offer.