14th Oct 2016 12:26
LONDON (Alliance News) - NU-Oil & Gas PLC on Friday said it has raised a further GBP532,000 via a placing, in addition to the GBP700,000 it raised earlier this month.
Last week, the company raised GBP700,000 by issuing 175.0 million shares at 0.40 pence per share.
Amid further institutional demand, it said on Friday it has issued another 133.0 million shares at the same price to raise the new funds. Shares in the company were up 4.4% to 0.527p on Friday afternoon.
The proceeds will be used for working capital purposes and to continue seeking out investments in the oil an gas sector. NU-Oil & Gas also is planning to restart work on its legacy assets in western Newfoundland, Canada.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2016 Alliance News Limited. All Rights Reserved.
Related Shares:
ENEG.L