LONDON (Alliance News) - UK Oil & Gas PLC on Wednesday said it raised GBP3.5 million in a share placing to explore new opportunities besides the Horse Hill project in the UK.
The company issued 333.3 million shares at 1.05 pence each, a 12.5% discount to its Tuesday's closing price. Shares in the company were trading down 7.5% at 1.11p each on Wednesday morning.
The company said that, even prior to the placing, it had sufficient cash to fund its share of the forthcoming Horse Hill-1z and Horse Hill-2 horizontal drilling programme.
"Consequently, the placing's proceeds will be utilised in the assessment and acquisition of new opportunities, both in the UK onshore and elsewhere," the company added.
Admission of the new shares to trading on AIM is expected on April 2, after which the company will have 6.0 million shares in issue.