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UK Oil & Gas PLC on Wednesday said it successfully raised funds to repay debts and further the development of key projects. The London-based energy exploration and production company raised £500,000 through the placing of 3.33 billion shares at a price of 0.015 pence each, representing a 28% discount to the closing price of 0.021p on Tuesday. UK Oil & Gas shares were down 21% to 0.017 pence each in London on Wednesday morning. Proceeds from the fundraise will be used to repay the remaining balance of a £3 million funding facility secured from RiverFort Global Opportunities PCC Ltd and YA II PN Ltd in June 2023. In addition, the extra capital will be used to further the development of the company’s hydrogen storage projects and fund the related technical studies and reports necessary to receive government funding for its venture in Dorset, England. Chief Executive Officer Stephen Sanderson commented: ‘This placing permits the full removal of the convertible loan, which should then enable the significant progress we have made in delivering our material hydrogen storage projects to be more fully reflected and sustained in our share price.’ Copyright 2024 Alliance News Ltd. All Rights Reserved.
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