AIM-listed United Oil & Gas, the oil and gas company with a high impact exploration asset in Jamaica and a development asset in the UK has announced a placing of 250,000,000 new ordinary shares of 0.001p each at a price of 0.20p per share, raising gross proceeds of £500,000 before expenses, by two long term institutional shareholders (the 'Placing') arranged by Tennyson Securities. The Issue Price represents a modest discount to the closing mid-market price of 0.23p on 2 July 2026 being the last day prior to the publication of this announcement.
Net proceeds will be applied to strengthen the Company's working capital position as it continues to advance the farm-out of the Walton-Morant Licence. Each placee will receive one warrant for every three Placing Shares subscribed, exercisable at 0.28p per share for 6 months from the date of issue.
Brian Larkin, CEO, commented:
'This Placing, by existing two long term institutional shareholders who know this Company and its assets well, strengthens our working capital at a point when the technical work is complete and the farm-out process is active and progressing. Securing additional working capital under current more favourable market conditions is in our view the prudent course, both for the Company and for shareholders.
We remain focused on progressing the farm-out and will update the market as and when appropriate.'
Source: United Oil & Gas
