?1.4 million Placing

RNS Number : 5246J

Union Jack Oil PLC

13 June 2014

 



Union Jack Oil plc

("Union Jack" or "the Company")

£1.4 million Placing

The Directors of Union Jack Oil plc (UJO: AIM), are pleased to announce that the Company has raised £1.4 million (before expenses) through a placing (the "Placing") of 560,284,640 new ordinary shares of 0.025p (the "Placing Shares") at a price of 0.25p (the "Placing Price") per Placing Share.

The net proceeds from the Placing will provide the Company with working capital and the ability to be active in bidding for certain interests on the 14^th Onshore UK Licensing Round. In addition, it will provide the Company with the funds to examine other conventional and unconventional asset opportunities.

David Bramhill, Executive Chairman, commented:

"We are delighted with the result of the significantly oversubscribed Placing and I would like to thank Shore Capital, SP Angel and Northland Capital for the substantial investor demand they generated."

Admission

The Placing Shares will rank pari passu in all respects with the existing ordinary shares. Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on 19 June 2014. Following admission of the Placing Shares, the enlarged issued share capital will amount to 1,680,853,929 ordinary shares of 0.025p each.

The Company does not hold any shares in treasury and the above figure may therefore be used by shareholders as the denominator for the calculation to determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Holdings on Completion of the Placing

The Directors' interests in the Company's issued share capital following completion of the Placing are set out below.

	Prior to the Placing	Placing Shares	Following the Placing
			Number	Percentage of Issued Share Capital
David Bramhill1 Executive Chairman	44,664,580	4,000,000	48,664,580	2.90
Joe O'Farrell2 Executive Director	105,664,180	2,000,000	107,664,180	6.41
Martin Durham3 Non-Executive Director	9,200,000	-	9,200,000	0.55
Raymond Godson Non-Executive Director	10,000,000	-	10,000,000	0.59

Notes:

1.        David Bramhill is the 100 per cent. beneficial owner of Corby Limited, a company incorporated in England and Wales, that holds 6,200,000 Ordinary Shares in the Company which are included in the above figure. In addition Jayne Bramhill, David Bramhill's wife, holds 800,000 Ordinary Shares in the Company, which are included in the above figure.

2.        Joseph O`Farrell is a director and owner of 50 per cent. of the issued share capital of Gilmaul Limited. Gilmaul Limited holds 8,000,000 Ordinary Shares in the Company, which are included in the above figure.

3.        Julie Durham, Martin Durham's wife, holds 1,200,000 Ordinary Shares in the Company, which are included in the above figure.

For further information please contact:

Union Jack Oil plc David Bramhill	[phone]
Shore Capital Nominated Adviser Bidhi Bhoma, Edward Mansfield Corporate Broking Jerry Keen	[phone]
Northland Capital Joint Broker Gavin Burnell, Alice Lane	[phone]
Yellow Jersey PR Limited Public Relations Dominic Barretto Kelsey Traynor	[phone] [phone]

 

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