10th Oct 2025 11:13
Union Jack Oil PLC - onshore exploration, development and production in the UK and US - Calls general meeting for October 30 for shareholders to approve the issue of warrants as part of its equity raise announced back in July. At the time, Union Jack raised GBP2 million in a placing and subscription of 40.0 million shares at 5 pence apiece. Each new share came with a warrant attached that is exercisable at 8p over the next two years. The fresh equity will be used to fund a USD3.0 million three-well drilling programme in Oklahoma.
A resolution to approve the issue of the 40.0 million warrants was withdrawn from Union Jack's general meeting in August after feedback from shareholders, who wanted warrants as well. As a result, Union Jack proposes to additionally issue up to 36.6 million bonus warrants on the basis of one bonus warrant for every four shares already held. The bonus warrants will have the same 8p exercise price and two-year window. If all warrants were to be exercised, 76.6 new shares would be issued.
Current stock price: 5.10p, up 5.2% in London on Friday
12-month change: down 62%
By Tom Waite, Alliance News editor
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