UKOG raising £2m from new shares

Share index price drops dramatically during lunch.
Share index price drops dramatically during lunch.

UK Oil and Gas Investments (UKOG) has raised £2 million via a placing of 100 million new ordinary shares at 2p per share.

UKOG will apply for the shares to be admitted to trading on AIM, commencing on or around July 10.

The firm said it would use the cash to consolidate and expand its asset base in the Weald Basin.

The placing represents an additional £2m to the previously announced £10.5m investment secured to deliver sufficient working capital for its core projects over the next 18 months. 

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