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LONDON - United Oil & Gas PLC (AIM:UOG) announced Wednesday it has published a shareholder circular and notice of a general meeting to seek approval for its previously announced conditional fundraising of approximately £2.33 million.
The general meeting will be held at the offices of Laytons LLP in London on October 27, 2025, at 11:00 a.m., where shareholders will vote on resolutions related to the allotment of fundraising shares, fundraising warrants, and broker warrants.
The fundraising aims to finance a piston coring survey, which the company describes as essential to its exploration and appraisal program. According to the circular, failure to secure the funding could compromise United’s ability to meet work commitments under existing licenses and impact its working capital requirements.
In a statement based on the press release, the company’s directors unanimously recommended shareholders vote in favor of the resolutions, noting that without the proceeds, United would need to seek alternative financing or reduce capital expenditure. The directors, who collectively hold 0.99 percent of the company’s ordinary shares, have committed to voting in favor.
If approved, the fundraising will involve the issuance of 1.55 billion fundraising shares, an equal number of fundraising warrants, and 74.09 million broker warrants. The admission of the second tranche placing shares to trading on AIM is expected on October 28, 2025.
United Oil & Gas is an oil and gas company with a development asset in the UK and an exploration license in Jamaica.
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