REG - UK Oil & Gas Inv PLC - Completion of £5 million Institutional Placing

UK Oil & GasAnnouncement

02/07/2018 16:20

RNS Number : 3173T
UK Oil & Gas Investments PLC
02 July 2018
 


UK Oil & Gas Investments PLC
("UKOG" or the "Company")
 
Completion of £5 million Institutional Placing
 
UK Oil & Gas Investments PLC (London AIM: UKOG) is pleased to announce that it has raised gross proceeds of £5 million via a placing including two institutional investors.
 
Details of the Placing
 
The issue price of 2 pence per share represents an approximate 5% discount to the closing price on 29th June 2018. A total of 250,000,000 new ordinary shares have been placed. Application will be made for these new ordinary shares to be admitted to trading on AIM and it is anticipated that trading in such shares will commence on or around 9 July 2018.
 
Use of Proceeds
 
Together with the funds raised in June, these funds will allow UKOG to embark on its projects' current 18-month work programme.
 
Stephen Sanderson, UKOG's Executive Chairman, commented:
"Together with the funds raised in June, the Company has now secured £10.5 million of investment during the last month, which given UKOG's current plans, mean that it has sufficient working capital for the next 18 months. UKOG is now in a robust financial position to confidently pursue its projects' ambitious exploration and appraisal programme in the Weald Basin."
 
Admission and Settlement
 
Application will be made for the admission to trading on AIM of 250,000,000 new Ordinary Shares ("Admission"). Admission is expected to occur on 10 July 2018. Following Admission, the Company will have 5,107,240,526 Ordinary Shares in issue. There are no shares held in treasury. The total voting rights in the Company are therefore 5,107,240,526 and shareholders may use this figure as the denominator by which they are required to notify their interest in, or change to their interest in, the Company under the Disclosure Guidance and Transparency Rules. The placing is conditional upon the terms of a placing agreement with Novum and shares being admitted to trading on AIM.
 
The information contained within this announcement is deemed by the Company to constitute inside information under the Market Abuse Regulation (EU) No. 596/2014.
 




For further information, please contact:


 




UK Oil & Gas Investments PLC


 




Stephen Sanderson / Kiran Morzaria


Tel: 01483 243450




 


 




WH Ireland (Nominated Adviser and Broker)


 




James Joyce / James Sinclair-Ford


Tel: 020 7220 1666




 


 




Cenkos Securities PLC (Joint Broker)


 




Joe Nally / Neil McDonald


Tel: 0207 397 8919




 


 




Public Relations


 




Brian Alexander


Tel: 01483 243450




 




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