6th Jan 2020 09:42
(Alliance News) - Nu-Oil & Gas PLC on Monday said it has raised GBP420,000 through placing of 26.6 million new shares at 0.0525 pence per share.
Shares in the cash shell were trading 21% lower at 0.05p each on Monday in London.
The company intends to use the placing proceeds to enter into contracts with consultants and third party due diligence providers which will support with the necessary evaluation tools required to bring about a reverse takeover transaction.
In November 2019, the company sold 50% of its interest in MFDevCo to RMRI and had subsequently become a cash shell.
Under AIM rules, Nu-Oil & Gas has until May 4 to make an acquisition which constitutes a reverse takeover otherwise the company will be suspended from trading on AIM. If the company is unable to find a suitable reverse takeover target within six months of suspension, it will be cancelled from AIM and be re-registered as a private company.
Following admission of the placing shares, the company's share capital will be comprised of 3.4 billion shares.
By Ife Taiwo; [email protected]
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