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UK Oil & Gas PLC (London AIM:UKOG) has announced a successful conditional placement raising gross proceeds of £1.0 million through the issuance of new Ordinary Shares (the "Placing Shares") at a price of 0.05 pence per share. This Issue Price represents a discount of approximately 37% to the closing price of 0.08 pence per Ordinary Share as of 2 August 2024.
In addition to the placing, the Company plans to offer its existing retail shareholders a "Retail Offer" at the same Issue Price, providing an opportunity for them to participate in the fundraising. Details regarding the Retail Offer will be announced separately.
Conditions and Timeline
The Placing and Retail Offer are subject to several conditions, including the passing of resolutions at a General Meeting expected to be held virtually around 21 August 2024. The Fundraising Shares will also need to be admitted to trading on the AIM market of the London Stock Exchange plc ("Admission").
Use of Proceeds
The funds raised through the placing will be allocated to advancing UK Oil & Gas’s hydrogen storage projects. Specifically, the proceeds will support:
- Initiation of Essential Studies: This includes environmental surveys, engineering studies, and other preliminary works.
- Applications for Government Support: Submissions for government Revenue Support in the first hydrogen storage allocation round.
- Development Consent Orders: Preparation and submission of applications under the Nationally Significant Infrastructure Project (NSIP) planning regime.
Next Steps
UK Oil & Gas will provide further details on the Retail Offer in a separate announcement. Shareholders and potential investors are advised to stay tuned for additional information and updates on the progress of the fundraising activities.
