The directors of onshore oil and gas exploration company, Union Jack Oil plc, announced Thursday that the company has raised $900,000 (GBP 700,000) through a placing of 411,764,706 new ordinary shares of $0.03 (GBP 0.025) at a price of $0.22 (GBP 0.17) per placing share.
The proceeds from the placing will be used to further expand the company's portfolio through the acquisition of interests in near term development and production opportunities onshore UK, according to a statement from Union Jack Oil.
"I am very pleased with the shareholder support for this funding, which was achieved at the closing bid price on 21 September 2016,” said David Bramhill, Union Jack Oil plc executive chairman.
“The proceeds will provide us with the financial capacity to broaden our asset portfolio,” he added.
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