8th Oct 2014 17:10
LONDON (Alliance News) - UK Oil and Gas Investments PLC Wednesday said it has raised GBP2 million before expenses in a discounted share placing, money it will use to make more investments in the UK oil and gas sector as well as for working capital.
In a statement, the company said it placed nearly 166.7 million shares at 1.2 pence each with institutional and other investors.
"The placing further enhances the company's balance sheet as we continue to pursue further investments in the conventional onshore and offshore oil and gas sector in the UK," said Chairman David Lenigas.
UK Oil and Gas shares closed down 5.5% at 1.30 pence per share Wednesday.
By Joshua Warner; [email protected]; @JoshAlliance
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