10th Jun 2015 10:10
LONDON (Alliance News) - UK Oil and Gas Investments PLC shares fell on Wednesday after it confirmed media speculation that it is in talks about raising funds with potential investors.
UK Oil and Gas shares were down 4.4% to 2.39 pence per share late Wednesday morning.
The company, which is involved in the Horse Hill oil discovery near Gatwick Airport in the UK Weald basin, said it is in talks with potential investors about raising a minimum of GBP4.5 million at a target price of 2.25 pence. UK Oil and Gas's current market capitalisation is GBP42.15 million, so the new issuance would represent about 10% of its current share capital.
UK Oil and Gas did not release any further details, but said there is no assurance the company will proceed with any fundraising.
By Joshua Warner; [email protected]; @JoshAlliance
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