United Oil & Gas plc has conditionally raised £1 million via an oversubscribed discounted placing of 457.5m new ordinary shares with new and existing shareholders.
DIRECTORS’ DEALINGS
The company issued 500m new ordinary shares each of £0.00001 at a price of £0.002 each, representing 76.18% of the company’s issued ordinary share capital.
The fundraise was completed by way of an accelerated bookbuild process.
Every three placing shares subscribed for will have one warrant with an exercise price of £0.0028 per new ordinary share.
United’s chief executive officer Brian Larkin subscribed for 5m placing shares taking his holding to 22,508,489 after the placing.
Non-executive chairman Graham Martin subscribed for 10m placing shares for a 14,089,730 holding and non-executive director Iman Hill subscribed for 2.5m placing shares (2.5m).
The placing and subscription are conditional on, among other matters, shareholders’ approval at the company’s general meeting on 15 March.
On admission, United will have 1,156,353,969 ordinary shares.
USES
Proceeds will go towards work on the company’s Jamaica licences, including piston core surveying, and administration costs of the project’s farm-out process.