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LONDON – United PLC (Target: UOG), an oil and gas player with assets in Jamaica and the UK, has successfully completed an oversubscribed offering, raising gross proceeds of £0.7m. The fundraising included the issuance of 700,000,000 new ordinary shares, which will represent 60.54% of the company’s issued share capital after the issue.
The initial tranche of the Placing Shares, amounting to 385,000,000 shares, will raise £385,000 and is expected to be admitted to trading on the AIM market London Stock Exchange (LON:) until December 18, 2024. The Company has exercised the existing shareholder authorizations for this first tranche.
The General Assembly is scheduled for January 8, 2025, at which shareholders’ approval will be sought for the issuance of the remaining 315,000,000 shares and related warrants. Subject to shareholder approval and other conditions, the second tranche is expected to begin trading on January 9, 2025.
The Placing Shares and Subscription Shares, collectively referred to as “Fundraising”, are conditional on the Placing Agreement becoming unconditional and not being terminated prior to acceptance, as well as the adoption of certain resolutions at the upcoming General Meeting.
The new ordinary shares will be fully paid and will rank pari passu in all respects with the existing ordinary shares of the company, including the right to all dividends and distributions declared, made or paid after their receipt.
Graham Martin, the company’s chairman, participated in the subscription, which will result in his holding increasing to 24,089,730 shares after the subscription.
This fundraising event is part of United Oil & Gas’ strategy to grow its business through portfolio optimization and targeted acquisitions. The company is led by an experienced management team and has established partnerships within the industry.
It is important to note that the securities referred to are not registered under the US Securities Act of 1933 and may not be offered or sold in the United States without registration or an exemption from registration. There will be no public offering of the securities in the United States.
The information contained in this article is based on a press release from United Oil & Gas PLC.
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