Nu-Oil and Gas PLC Placing (9205L)
October 06 2016 - 8:55AM
UK Regulatory
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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