Placing for £800,000

RNS Number : 4845D

Union Jack Oil PLC

27 October 2015

 

THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES OF AMERICA, CANADA, THE REPUBLIC OF SOUTH AFRICA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

Union Jack Oil plc

("Union Jack" or "the Company")

£800,000 Placing

The Directors of Union Jack Oil plc (UJO: AIM), are pleased to announce that the Company has raised £800,000 (before expenses) through a placing (the "Placing") of 470,588,235 new ordinary shares of 0.025p (the "Placing Shares") at a price of 0.17p (the "Placing Price") per Placing Share.  

The proceeds from the Placing will allow the Company to take advantage of the current opportunities within the oil and gas market to further expand its portfolio through the acquisition of interests in drill-ready projects onshore UK on attractive terms.

David Bramhill, Executive Chairman, commented:

"The Placing further strengthens our balance sheet and will allow us to continue to execute our strategy of focusing on acquiring interests in low-cost UK onshore exploration, appraisal, development and production opportunities."

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 3 November 2015. Following admission of the Placing Shares, the enlarged issued share capital will amount to 2,888,708,805 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

Joe O'Farrell and Raymond Godson (who are both Directors of the Company) participated in the Placing on the same terms as other investors.  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 Bramhill Executive Chairman	52,164,580	-	52,164,580	1.81%
Joe O'Farrell Executive Director	110,164,180	8,705,883	118,870,063	4.11%
Graham Bull Non-Executive Director	4,000,000	-	4,000,000	0.14%
Raymond Godson Non-Executive Director	14,000,000	11,764,706	25,764,706	0.89%

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]
SP Angel Joint Broker Richard Hail	[phone]
Yellow Jersey PR Limited Public Relations Dominic Barretto Aidan Stanley	[phone] [phone]

 

END

 

 

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