3rd May 2019 13:48
LONDON (Alliance News) - Nu-Oil & Gas PLC has received acceptances for just over half of shares in its open offer announced mid-April, the firm said Friday.
Shareholders took up 43.4 million new shares, 52% of those under the offer, at 0.3 pence each, meaning the company has raised GBP130,098. It had hoped to raise GBP250,000.
Nu-Oil & Gas will use the funds for general purposes and to support its joint venture Marginal Field Development Co.
Executive Chair Graham Scotton said: "We are encouraged by the results of the open offer and would like to thank shareholders for their continued support. The board's objective is to grow Nu-Oil into a successful upstream development and production company with a portfolio of assets acquired through its joint venture, MFDevCo, and by Nu-Oil directly.
"Our strategy to target undervalued assets is well defined and good progress is being made to access opportunities. The funds raised will be utilised to advance these activities."
Nu-Oil & Gas shares were 3.2% lower on Friday afternoon at 0.29p.