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LONDON (Alliance News) - UK Oil & Gas Investments PLC on Monday said it raised GBP5 million via a share placing to repay loan and progress on exploration at the Weald Basin located in southern England.
The investment company said it plans to raise GBP5 million via a placing to repay loan and progress on its projects' current 18-month work programme.
UK Oil & Gas said it will issue 250.0 million shares at a price of 2.00 pence each, representing a 5.0% discount to the closing price on Friday.
The stock closed 15% higher on Monday at 2.42 pence per share.
The company plans to allot 152.0 million shares to Cuart Investments PCC Ltd and YA II PN Ltd in relation to a GBP1.8 million loan conversion. After the shares' admissions to trading, expected on July 9, the outstanding amount of the loan will be zero.
"Together with the funds raised in June, the company has now secured GBP10.5 million of investment during the last month, which given UK Oil & Gas' current plans, mean that it has sufficient working capital for the next 18 months," said Executive Chairman Stephen Sanderson.
"UKOG is now in a robust financial position to confidently pursue its projects' ambitious exploration and appraisal programme in the Weald Basin," added Sanderson.