UK Oil & Gas plc has raised £500,000 via a 28% discounted placing of 3,333,333,333 new ordinary shares at 0.015 pence per share.
The total number of voting rights in the company is 8,167,456,073.
Proceeds will first repay in full the balance of the convertible funding facility with RiverFort Global Opportunities PCC Ltd and YA II PN Ltd.
As at 24 June, the outstanding balance of the loan stood at £210,000.
Remaining funds will further UKOG’s hydrogen storage projects.