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LONDON - United Oil & Gas Plc (AIM:UOG) has announced the successful acquisition of £140,000 in gross proceeds through a capital raise with an existing shareholder. The funds will be allocated to fortify the company’s working capital and advance the farm-out process of its Walton-Morant License offshore Jamaica, where due diligence is actively underway with multiple parties.
The capital raise was executed through the placement of 100 million new Ordinary Shares at a price of 0.14 pence per share, which aligns with the market closing bid-offer spread as of Monday. The shares are expected to be admitted to trading on the AIM market around May 12, 2025. Following this admission, United’s total issued share capital will increase to 2,015,877,779 Ordinary Shares.
Brian Larkin, the CEO of United Oil & Gas, expressed gratitude for the continued support from the shareholder, emphasizing that the investment reinforces the company’s short-term funding position and contributes to the momentum of the Jamaican farm-out process.
The announcement indicates the company’s strategic efforts to strengthen its financial foundation and progress its operations in Jamaica. As per the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules, the new total of issued shares will serve as a reference for shareholders’ calculations.
This news is based on a press release statement and is intended to provide shareholders and the market with the latest developments in United Oil & Gas’s financial activities and strategic initiatives.
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