Finance News Oil & Gas

United warns of impact of rejected £1m fundraise

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United Oil & Gas plc today warned its business could be hindered if shareholders’ opposed yesterday’s £1 million fundraise.

The placing to raise the funds is conditional on, among other things, shareholders’ approval at the general meeting on 15 March.

“Failure to secure the funds could hamper the company’s business and impact on its exploration and development programme or meet its work commitments under existing licences,” said the company in a statement.

United aims to use the funds to progress its 22,400km2 Walton Morant licence, offshore Jamaica.

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One Reply to “United warns of impact of rejected £1m fundraise”

  1. Pingback: Shareholders back United's £1m fundraise - Extractive Industries

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