Source - RNS
RNS Number : 6027M
Nu-Oil and Gas PLC
14 October 2016
 

NU-OIL AND GAS PLC

AIM ticker: 'NUOG'

 

 

14 October 2016

 

NU-Oil and Gas plc

("NU-Oil" or "the Company")

 

Completion of Placing

Due to further institutional demand the Company is pleased to announce that it has completed a placing of 133,000,000 new Ordinary Shares (the "Placing Shares") with new and existing shareholders at a price of 0.4p per Placing Share (the "Placing Price") to raise £532,000 (before expenses). The Placing, which was oversubscribed, was organised by the Company's joint broker, Beaufort Securities Ltd. The Placing proceeds will be applied towards the implementation of the Company's stranded and marginal field strategy and for general working capital purposes.

 

The Company is making progress with its marginal and stranded field business model and is targeting, in conjunction with its investment company, Marginal Field Development Company Ltd., to secure projects which would be material to the Company. In addition, the Company is seeking to recommence activity and reposition its legacy assets in western Newfoundland. These activities are well advanced and the Directors will provide further updates in due course. The Directors do not expect there to be a need to undertake any further capital raises until material progress has been made with these activities.

 

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.

 

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 20 October 2016.

 

The Enlarged Issued Share Capital will be 627,792,348 Ordinary Shares. This figure of 627,792,348 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 13,300,000 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 significant institutional support has allowed the Company to raise further funds to enable it to continue implementation of the business plan, with the particular aim of securing its first project using the low cost solutions devised and delivered by MFDevCo and the MFD Consortium."

 

 

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
 
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