BOIL.L Regulatory News (BOIL)

2 Jun 2006 09:20

Gold Oil PLC02 June 2006 FOR IMMEDIATE RELEASE 2nd June 2006 GOLD OIL PLC ("Gold Oil" or "the Company") Placing PLACING Gold Oil announces that it has placed forty seven million (47,000,000) newOrdinary Shares of 0.025p at a price of 5.5p each, together with a one for twoshare warrant exercisable before December 31 2006 at a strike price of 7.5peach. The new Ordinary Shares will, on issue, rank pari passu with theexisting Ordinary Shares in issue and application will be made to the LondonStock Exchange for these shares to be traded on AIM. It is expected thatdealings in the Placing Shares will commence on 9th June 2006. The Placing will raise £2.5 million ($US 4.8 million), before expenses, for thecontinuing working capital requirements of the Company. The Company has anumber of projects that now require investment to progress them as well as anumber under review. The proceeds of the Placing will enable the Company tocontinue studies, shoot selected seismic and drill on prospects identified. The Board also believe that having a reasonable cash balance readily to hand is necessary to assure government authorities that it is capable of meeting itswork obligations under the various licences and applications as well asenhancing its ability to move quickly in respect of suitable opportunities that the Company has identified to increase the Company's asset base. Enquiries: Gary MooreManaging Director Tel: +44 (0)1737833597 Michael BurchellChairman Tel. +44 (0) 1372361772 Roland CornishNominated AdviserBeaumont Cornish Limited Tel. +44 (0) 207 628 3396 This information is provided by RNS The company news service from the London Stock Exchange