UK Oil & Gas
PLC
("UKOG" or the
"Company")
Placing and termination of
convertible loan
UK Oil & Gas PLC (London AIM:
UKOG) is pleased to announce that it has successfully raised
gross proceeds of £0.5 million by means of a placing (the
"Placing") of new Ordinary Shares (the "Placing Shares") at a price
of 0.015 pence per share (the "Placing Price"). The Placing Price
represents a discount of approximately 28% per cent to the Closing
Price of 0.021 pence per Ordinary Share on 09 July 2024, being the
latest practicable business day prior to the publication of this
Announcement.
Use
of Proceeds:
The Placing's proceeds will firstly
be employed to repay in full the balance of the convertible funding
facility with RiverFort Global Opportunities PCC Limited and YA II
PN Ltd as per the Company's RNS of 21st June 2024, and
as originally announced on 28th June 2023.
The remaining funds will be used
directly to further the Company's material hydrogen storage
projects by enabling the completion of necessary internal and
external technical studies and reports required as part of an
application for government Revenue Support in a first allocation
round, currently scheduled to commence in Q3 2024 and complete by
year end (see RNS 29th May and 27th June
2024).
The funds will also permit the
Company to fully prepare and engage with further prospective
strategic partners to seek, as a minimum, Letters of Support ("
LOS") along the lines of those recently furnished by Sumitomo and
SGN, such LOS being a necessary requirement for any successful
allocation award (see RNS 29th May and 27th
June 2024).
Placing Summary
·
The Placing raised £500,000 (before expenses)
through the issue of 3,333,333,333
Placing Shares at the Placing Price.
·
The net proceeds of the Placing will be used as
described above.
·
Participants in the Placing have subscribed on the
basis of the customary terms and conditions of the
Placing.
The
Placing
The Company will issue
3,333,333,333 Placing
Shares, to raise gross proceeds of £500,000 to participants in the
Placing. The Placing Shares will be admitted ("Admission") to
trading on the AIM market ("AIM") of London Stock Exchange plc
("LSE") on or around 18 July 2024. CMC Markets UK Plc ("CMC
Markets"), trading as CapX, acted as the Company's sole placing
agent in respect of the Placing.
Stephen Sanderson UKOG's Chief Executive
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. The two recently announced Letters of Support
from major infrastructure players in the UK hydrogen space,
Sumitomo and SGN, demonstrate our project's credibility, with SGN
stating our Dorset project as "essential
for decarbonising the Solent Cluster and Southern
England"."
Placing Information
The Placing has not been
underwritten by CMC and is conditional inter alia on the placing
agreement dated 09 July 2024 between the Company and CMC (the
"Placing Agreement") not having been terminated or breached and
Admission of shares to trading. The Placing
has been conducted utilising the Company's existing share
authorities and the Placing Agreement
includes customary terms and
conditions.
The Placing Shares will be issued,
credited as fully paid, and will rank pari passu with the existing
Ordinary Shares in issue in the capital of the Company, including
the right to receive all dividends and other distributions (if any)
declared, made or paid on or in respect of such shares after the
date of their issue.
Admission to trading
Application will be made to the AIM
for Admission, which is expected to become effective and
dealings in the Placing Shares to commence at, 8.00 a.m. on or
around 18th July 2024.
The total voting rights in the
Company is therefore 8,167,456,073 and Shareholders may use this
figure as the denominator by which they are required to notify
their interest in, or change to their interest in, the Company
under the Disclosure Guidance and Transparency Rules.
For
further information, please contact:
UK
Oil & Gas plc
Stephen Sanderson/ Allen D Howard/
Guzyal
Mukhametzhanova
Tel: 01483 941493
WH
Ireland Ltd (Nominated Adviser and Broker)
James Joyce / Andrew de
Andrade/James
Bavister
Tel: 020 7220 1666
Communications
Brian Alexander
Tel: 01483 941493
The information contained
within this announcement is deemed by the Company to constitute
inside information under UK MAR
