UK based Nu-Oil has raised £1.1million through a placing of ordinary shares.
The proceeds will be applied to general working capital and specific costs, engineering and commercial, required to assess and secure identified projects such as in The Port au Port Peninsula western Newfoundland.
The Enlarged Issued Share Capital will be 1,218,592,348 Ordinary Shares.
Nigel Burton, chief executive of NU-Oil, said: “With the continuing operations in Western Newfoundland we are pleased to be able to apply additional funds to support our activity on the potentially transformational marginal field strategy as we progress to the acquisition of the first project.”
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