Union Jack Oil raises £0.7m in placing

Union Jack Oil announced on Thursday that it has raised £0.7m before expenses, through a placing of 411,764,706 new ordinary shares of 0.025p at a price of 0.17p per placing share.

The AIM-traded firm said the intended proceeds from the placing are to further expand the company's portfolio through the acquisition of interests in near-term development and production opportunities onshore UK.

“I am very pleased with the shareholder support for this funding, which was achieved at the closing bid price on 21 September,” said executive chairman David Bramhill.

“The proceeds will provide us with the financial capacity to broaden our asset portfolio.”

Union Jack said the placing shares will rank pari passu with the existing ordinary shares.

It confirmed application has been made to the London Stock Exchange for the placing shares to be admitted to trading on AIM, which is expected to take place on 28 September.