UK Oil & Gas PLC Successful Placing (4650Z)
January 12 2024 - 2:00AM
UK Regulatory
TIDMUKOG
RNS Number : 4650Z
UK Oil & Gas PLC
12 January 2024
UK Oil & Gas PLC
("UKOG" or the "Company")
Successful Placing
UK Oil & Gas PLC (London AIM: UKOG) is pleased to announce
that it has successfully raised gross proceeds of GBP0.75 million
by means of a placing (the "Placing") of new Ordinary Shares (the
"Placing Shares") at a price of 0.02 pence per share (the "Placing
Price").
The Placing Price represents a discount of 20 per cent to the
Closing Price of 0.0250 pence per Ordinary Share on 11 January
2024, being the latest practicable business day prior to the
publication of this Announcement.
The Placing is primarily in response to the government's newly
announced acceleration of the first hydrogen storage allocation
round, now scheduled to commence in Q3 2024 vs the prior Q3/Q4 2025
timeline. As the Company intends to submit a bid for an allocation
award for its material hydrogen storage project in Portland,
Dorset, the round's timetable now necessitates an acceleration of
specific unbudgeted studies/works during 2024. The Company is also
in discussion with a significant international trading house with
regard to its participation in the Company's hydrogen storage
project. The Placing's proceeds will also provide the Company with
a further source of general working capital to progress its
existing UK/Turkey projects.
Placing Summary
-- The Placing raised GBP750,000 (before expenses) through the
issue of 3,750,000,000 Placing Shares at the Placing Price.
-- The Placing Shares represent 13 per cent. of the Enlarged Issued Share Capital.
-- The net proceeds of the Placing will be used as described above.
-- Participants in the Placing have subscribed on the basis of
the customary terms and conditions of the Placing.
The Placing
The Company will issue 3,750,000,000 Placing Shares, to raise
gross proceeds of GBP750,000 to participants in the Placing. The
Placing Shares will be admitted ("Admission") to trading on the AIM
market ("AIM") of London Stock Exchange plc ("LSE") on or around 18
January 2024. CMC Markets UK plc ("CMC") acted as sole bookrunner
in connection with the Placing.
Stephen Sanderson UKOG's Chief Executive commented:
"The Placing's proceeds will help us to put our material
Portland, Dorset salt cavern hydrogen storage project forward for
an allocation award in the government's first hydrogen storage
allocation round, now scheduled for Q3 2024. We are excited by the
government's acceleration of the allocation round and its emphasis
upon geological hydrogen storage, a welcome recent development
which now makes the new hydrogen storage sector real and
tangible."
Placing Information
The Placing has not been underwritten by CMC and is conditional
inter alia on the placing agreement dated 11 January 2024 between
the Company and CMC (the "Placing Agreement") not having been
terminated or breached and Admission of shares to trading. The
Placing has been conducted utilising the Company's existing share
authorities and the Placing Agreement includes customary terms and
conditions.
The Placing Shares will be issued, credited as fully paid, and
will rank pari passu with the existing Ordinary Shares in issue in
the capital of the Company, including the right to receive all
dividends and other distributions (if any) declared, made or paid
on or in respect of such shares after the date of their issue.
CMC has been appointed joint broker to the Company following the
Placing.
Admission to trading
Application will be made to the LSE for Admission, which is
expected to become effective and dealings in the Placing Shares to
commence at, 8.00 a.m. on or around 18 January 2024.
The total voting rights in the Company is therefore
28,658,513,710 and Shareholders may use this figure as the
denominator by which they are required to notify their interest in,
or change to their interest in, the Company under the Disclosure
Guidance and Transparency Rules.
For further information, please contact:
UK Oil & Gas plc
Stephen Sanderson/ Allen D Howard/ Guzyal Mukhametzhanova Tel:
01483 941493
WH Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de Andrade/James Bavister Tel: 020 7220
1666
Communications
Brian Alexander Tel: 01483 941493
The information contained within this announcement is deemed by
the Company to constitute inside information under UK MAR
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ROIFFFEFLDILLIS
(END) Dow Jones Newswires
January 12, 2024 02:00 ET (07:00 GMT)
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From Apr 2024 to May 2024
Uk Oil & Gas (LSE:UKOG)
Historical Stock Chart
From May 2023 to May 2024