8th Sep 2014 07:32
LONDON (Alliance News) - Union Jack Oil PLC Monday said it has raised GBP2.0 million before expenses through the conditional placing of 666.7 million new shares with new and existing investors at 0.3 pence each, with the company planning to use the net proceeds to acquire entry into a number of later stage exploration projects where drilling is planned.
Union Jack Oil shares were Monday quoted down 1.6% at 0.325 pence.
"This additional funding will provide us with the opportunity to expand our portfolio of drill targets beyond our existing projects," Executive Chairman David Bramhill said in a statement.
"We will be reviewing a number of onshore opportunities, all of which will be advanced, drill ready prospects with the objective of participating in a number of additional exploration or appraisal wells during 2015."
The company will ask shareholders to approve the deal at a general meeting scheduled for September 25.
Union Jack Oil said that Shore Capital Stockbrokers Limited and SP Angel Corporate Finance LLP were joint brokers to the placing.
By Samuel Agini; [email protected]; @samuelagini
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