rns2 Mar 2018 13:21
Nu-Oil notes the announcement made today by the Financial Conduct Authority relating to the administration of Beaufort Securities Limited ("Beaufort") and Beaufort Asset Clearing Services Limited, which requires Beaufort to cease all regulated activity.
Accordingly, Nu-Oil announces the appointment of Strand Hanson Limited as the Company's broker with immediate effect.
Further, the Company notes that Beaufort was the broker with respect to the placing to raise �2 million (gross) announced on 1 March 2018 (the "Placing"). The Company is in discussion with its advisers as to the implications for that Placing and whether it can be completed. The Company will update the market in due course. As at the date of this announcement, the Company has not received any of the proceeds from the Placing. Accordingly, as yet there has been no application for, or issue of, the 160,000,000 new ordinary shares of 0.1 pence each to be admitted to trading on AIM and any action has been put on hold until the Company has clarity on the matter. The fundamental operations of the Company remain unaffected irrespective of the outcome of those discussions