UK Oil & Gas plc has raised £500,000 via a placing of 2 billion new ordinary shares at a 26% discounted price of 0.025 pence per share.
The company also intends to hold on the same terms a retail offer for shares of £0.000001 each, due to close on 22 November.
Following admission of the placing shares, UKOG’s total voting rights will number 13,140,761,833.
Proceeds will go towards acquisition of a salt cavern hydrogen storage site in the East Yorkshire salt basin, adding to the company’s Dorset sites.