27th Oct 2015 08:25
LONDON (Alliance News) - Union Jack Oil PLC on Tuesday said it has raised GBP800,000 via a share placing to back its plans to expand its portfolio.
The company said it has issued 470.6 million shares at 0.17 pence per share to raise the funds. Shares in Union Jack were down 13% early Tuesday to 0.1789 pence.
The company said the funding will be used to back its push to take advantage of opportunities in the oil and gas market and expand its portfolio by acquiring interests in drill-ready projects onshore UK.
"The placing further strengthens our balance sheet and will allow us to continue to execute our strategy of focusing on acquiring interests in low-cost UK onshore exploration, appraisal, development and production opportunities," said David Bramhill, Union Jack's executive chairman.
By Sam Unsted; [email protected]; @SamUAtAlliance
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