NUOG.L Regulatory News (NUOG)

6 January 2020

Nu-Oil and Gas plc

("Nu" or the "Company")

Completion of £420,000 Placing and TVR

Nu-Oil and Gas plc, an AIM Rule 15 cash shell company, announces that it has raised gross proceeds of £420,000 by way of a placing of 800,000,000 new ordinary shares of 0.0001 pence each in the Company ("Ordinary Shares") ("Placing Shares") at a placing price of 0.0525 pence per new Placing Share (the "Placing").

The Placing has been undertaken to further strengthen the Company's balance sheet and liquidity position pursuant to the restructuring of the Company completed in November 2019 of Nu into an AIM Rule 15 cash shell. The net proceeds of the Placing will be principally used to facilitate the Company entering into contracts, when and as required, with consultants and third party due diligence providers, including legal, accounting, and technical service providers, all of which will support and supplement the Company with the necessary evaluation tools required to bring about a reverse takeover transaction in compliance with the AIM Rules for Companies. The Company has until 4 May 2020 to announce a reverse takeover transaction before it would be suspended from trading pursuant to AIM Rule 40. Shareholders should, however, be aware that, whilst the Company is confident of completing a reverse takeover transaction within this timeframe, there can be no guarantee of such occurring.

Further details on the Placing and issued of warrants

The Placing is being carried out utilising the Company's current authority to issue shares for cash on a non pre-emptive basis as approved by shareholders in general meeting on 4 November 2019. Application will be made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). Admission of the Placing Shares is expected to become effective at 8:00 a.m. on 20 January 2020.

The placees will also receive a total of 110,000,000 warrants over Ordinary Shares exercisable at any time over the next two years at an exercise price of 0.0625 pence per new warrant share.

Total Voting Rights

Following Admission, the Company will have 3,390,393,217 Ordinary Shares in issue. The Company also holds 12,445,378 Ordinary Shares in treasury. Therefore the figure of 3,377,947,839 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

Disclaimer

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement, this inside information is now considered to be in the public domain.