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Union Jack Oil to raise £650,000 through placing


Published Feb 27, 2014
Union Jack Oil

Union Jack Oil plc announce that Shore Capital Stockbrokers Limited and Northland Capital Partners Limited, the Company's joint brokers, have raised £650,000 (before expenses) through a placing of 288,888,889 new ordinary shares in the capital of the Company with new and existing investors at 0.225 pence per share (the "Placing").

The net proceeds of the Placing will be used to accelerate progress in relation to its investigation of the shale oil and gas opportunities on its existing licence interests and additional onshore UK licences in the forthcoming 14th Onshore Licensing Round, which is expected during 2014. The Board is also exploring entry into two joint venture partnerships in licences, one of which has shale oil and gas potential.

Tags: Union Jack Oil




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