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(Sharecast News) - United Oil & Gas said on Friday that it had raised 500,000 before expenses through a placing of 250 million new shares at 0.20p each, arranged by Tennyson Securities and backed by two existing long-term institutional shareholders.
The AIM-traded company said the proceeds would strengthen working capital as it advances the farm-out process for the Walton-Morant licence in Jamaica.
Each placee will also receive one warrant for every three placing shares subscribed, exercisable at 0.28p for six months.
Chief executive Brian Larkin said the placing came "at a point when the technical work is complete and the farm-out process is active and progressing," adding that securing extra working capital under more favourable market conditions was "the prudent course".
At 1103 BST, shares in United Oil & Gas were up 2.22% at 0.23p.
Reporting by Josh White for Sharecast.com.
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