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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Nu-oil And Gas Plc | LSE:NUOG | London | Ordinary Share | GB00B29T9605 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0275 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMNUOG
RNS Number : 9205L
Nu-Oil and Gas PLC
06 October 2016
NU-OIL AND GAS PLC
AIM ticker: 'NUOG'
6 October 2016
NU-Oil and Gas plc
("NU-Oil" or "the Company")
Placing
The Company is pleased to announce that it has raised GBP700,000 before expenses (the "Placing") through the issue of 175,000,000 new Ordinary Shares (the "Placing Shares") with new and existing shareholders at a price of 0.4p per Placing Share (the "Placing Price"). The Placing was organised by the Company's joint broker, Beaufort Securities Ltd.
The net proceeds of the Placing will be used for the continued implementation of the Company's stranded and marginal field strategy, to facilitate the acquisition of projects and for general working capital. The Company is in discussions which it is hoped will lead to one or more projects being secured in the short term.
The Placing is being carried out utilising the Company's current authority from its shareholders to issue shares for cash on a non pre-emptive basis. The Placing Shares being issued represent approximately 35.78 per cent of the issued share capital of the Company, as enlarged by the Placing (the "Enlarged Issued Share Capital").
Application will be made to the London Stock Exchange for the Placing Shares, which will rank pari passu with the existing Ordinary Shares in issue, to be admitted to trading on AIM ("Admission"). Admission is expected to become effective at 8.00 a.m. on 12 October 2016.
The Enlarged Issued Share Capital will be 489,078,062 Ordinary Shares. This figure of 489,078,062 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
Warrants to subscribe for 16,500,000 new Ordinary Shares at the Placing Price, exercisable within 5 years from the date of Admission, have also been issued to Beaufort Securities Limited in connection with the Placing
Nigel Burton, CEO of NU-Oil, commented:
"The Directors are pleased that, despite difficult market conditions, the Company has raised sufficient funds to enable it to continue implementation of the business plan, with the particular aim of securing its first development project using the low cost solutions devised and delivered by MFDevCo and the MFD Consortium. We have made tangible progress towards our first project, and although this has taken longer than expected, achieving this goal will create significant value and transform the prospects for the Company."
Enquiries:
NU-Oil and Gas plc
Alan Minty, Executive Chairman Tel: +44 161 817 7460 Nigel Burton, CEO Tel: +44 7785 234447 Beaufort Securities Limited Tel: +44 20 7382 8300
Jon Belliss
Elliot Hance
Cenkos Securities
Neil McDonald Tel: +44 131 220 9771 Derrick Lee Tel: +44 131 220 6939 St Brides Partners Limited Tel: +44 20 7236 1177
Elisabeth Cowell
Lottie Brocklehurst
www.nu-oilandgas.com
Note to Editors:
NU-Oil and Gas plc is an independent oil and gas company whose strategy is to build a diverse portfolio of assets with a strong emphasis on acquiring interests in stranded and marginal fields. These fields are low risk highly-appraised projects and consequently the Company's entry cost will be low. NU-Oil will look to develop these assets utilising solutions delivered by Marginal Field Development Company (MFDevCo) and the MFD Consortium, which can significantly improve the development economics of a project. This is also expected to enable the early booking of reserves.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
October 06, 2016 09:55 ET (13:55 GMT)
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