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UK Oil and Gas PLC (AIM:UKOG) has today unveiled details of a substantial conditional fundraising initiative. Following its recent announcement on 5 August 2024, the Company has raised approximately £248,204 (before expenses) through the conditional issuance of 496,408,000 new ordinary shares, each with a nominal value of £0.000001, at a price of 0.05 pence per share. This fundraising effort is part of the Company’s Retail Offer to existing retail shareholders, facilitated through CMC CapX.
Details of the Retail Offer
The Retail Offer, which is distinct from the Placing also announced on 5 August 2024, is subject to approval by shareholders. A General Meeting will be held virtually on 21 August 2024 to vote on the necessary resolutions. The issuance of the Retail Offer Shares is contingent upon the passing of these resolutions, as well as the successful completion of the Placing.
Conditions and Timing
Completion of the Retail Offer and the Placing is dependent upon the successful Admission of the Fundraising Shares. The Company will update shareholders on the progress of the Admission and the final outcome of the Retail Offer as it proceeds.
This initiative is part of UK Oil and Gas PLC’s ongoing efforts to strengthen its financial position and support its strategic objectives.
