Nu-Oil and Gas plunges after placing

(ShareCast News) - Exploration and production group Nu-Oil and Gas said it had successfully raised £435,000 via a discounted placing.The London-listed company will issue 124.3m at 0.35p each, adding the proceeds will go towards funding the group's strategy and to facilitate the acquisition of a number of projects."We are pleased that, despite difficult market conditions, the Company has raised sufficient funds to enable it to continue implementation of the business plan," said group chief executive Nigel Burton.Nu-Oil were down 27.09% to 0.383p at 1431 GMT on Friday.