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LONDON (Alliance News) - UK Oil & Gas Investments PLC said Wednesday it raised GBP2 million via a share placing to expand its asset base in the Weald Basin in southern England.
The company placed 100 million shares at 2 pence each. The price represents a 5% discount to its closing price of 2.10p on Tuesday.
Shares UK Oil & Gas were trading 4.8% higher at 2.2p on Wednesday.
The company said it intends to use the placing proceeds to deliver its consolidation goal and expand its asset base in the Weald Basin.
The oil and gas company had already raised GBP10.5 million for the development of its assets and previously said it had secured "sufficient working capital for the next 18 months".
Admission to trading of the new shares is expected on July 10. Following admission, the company will have 5.20 billion shares in issue.
