TIDMNUOG
RNS Number : 7795H
Nu-Oil and Gas PLC
15 March 2018
15 March 2018
Nu-Oil and Gas plc
("Nu-Oil" or the "Company")
Placing to raise GBP1.5million (gross) and Appointment of Joint
Broker
The Company announces that it has completed an oversubscribed
placing of new ordinary shares of 0.1 pence each in the Company
("Ordinary Shares") to raise GBP1.5 million in total before
expenses. The Company placed 130,434,783 new Ordinary Shares (the
"Placing Shares") at a price of 1.15p per Placing Share (the
"Placing Price") to raise GBP1.5 million (before expenses) (the
"Placing"). The Placing was organised by Novum Securities Limited
("Novum"), who have been appointed as joint broker with immediate
effect, alongside Strand Hanson.
In addition to satisfying the Company's general working capital
requirements, the net proceeds of the placement will be utilised in
the acquisition process for marginal field projects including
economic assessment, subsurface due diligence, engineering and
design studies, legal costs and establishing operating structures
in which projects can reside. Although this is GBP0.5 million less
than the gross placing proceeds originally announced on 1 March
2018 ("1 March Placing"), the Board considers it sufficient to meet
the objectives stated above.
Novum is a member firm of the London Stock Exchange specialising
in raising equity and debt capital and providing advice to AIM
quoted growth companies.
The Placing is being carried out utilising the Company's current
authority from its shareholders to issue shares for cash on a non
pre-emptive basis.
Application will be made to the London Stock Exchange for the
Placing Shares, which will rank pari passu with the existing
Ordinary Shares in issue, to be admitted to trading on AIM
("Admission"). Admission is expected to become effective at 8.00
a.m. on 29 March 2018.
Following Admission, the Company will have 1,364,027,131
Ordinary Shares in issue. The Company holds 12,325,378 Ordinary
Shares in treasury. Therefore, the figure of 1,351,701,753 Ordinary
Shares may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
In conjunction with the Placing, Nu-Oil has also issued
13,043,478 million warrants to Novum Securities, with each warrant
able to subscribe for one new Ordinary Share at the Placing Price,
exercisable within 5 years from the date of Admission.
Update regarding placing announced on 1 March 2018
Further to the announcement of 1 March 2018 the placing arranged
through its then broker, Beaufort Securities Limited ("Beaufort"),
will not be completed as expected. No new Ordinary Shares have been
issued in connection with the 1 March Placing, no settlements have
taken place and no placing proceeds have been received by the
Company. The Company has taken appropriate measures to ensure there
are no potential material financial obligations for the Company
pursuant to any agreements with Beaufort as a result of entering
into the Placing.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014
Alan Minty, Executive Chairman of Nu-Oil, commented:
"Nu-Oil is at an exciting phase as we seek to conclude
negotiations related to a number of projects and the funds raised
will enable the Company to perform vital work required to achieve
that objective.
"I am pleased that the Company has acted decisively with respect
to the issue of the Placing we announced on 1 March. Everyone
associated with the Company will have known that Beaufort's
insolvency created considerable uncertainty for the Company and its
shareholders, uncertainty that could have affected many aspects of
the plans we are seeking to implement. Management worked
methodically with our advisors to determine the most appropriate
course of action, legally and commercially, to mitigate the effect
of such uncertainty in as short a period as possible.
"The ultimate objective for the Board throughout this process
was to protect shareholder value and consequently the Board decided
that a placing should be concluded with as little discount to the
original placing price as could be obtained. We have achieved this
in extremely challenging circumstances and we are now able to
refocus our efforts on operational activities. The Company sought
to alleviate the dilutive effect of the placing by reducing the
proceeds sought; this reduction will have no impact upon the
implementation of the Company's plans. Further, we are pleased to
announce the appointment of Novum who have acted quickly and
effectively in completing our financing.
"In my update of 5 March, I stated that the fundamentals of the
business would not be impacted by the delay in concluding the
placing; I can confirm that is the case. The Company will continue
to work diligently to implement our business model and stated
strategy. The funds raised will enable us to accelerate the work
required to secure projects which will grow the company.
"I would like to thank our shareholders for their patience while
we concluded our negotiations and assure them that we are focused
on delivering shareholder value. We look forward to releasing
further news flow regarding progress on our projects and
operations."
Enquiries
Nu-Oil and Gas plc
Simon Bygrave Tel: +44 (0)161 817 7460
Investor Relations & Communications
Nigel Burton Tel: +44 (0)7785 234447
Chief Executive Officer
Strand Hanson Limited Tel: +44 (0)20 7409 3494
Rory Murphy/Ritchie Balmer/Jack
Botros
Novum Securities Limited Tel: +44 (0) 20 7399 9427
Colin Rowbury
Note to Editors
The Company
Nu-Oil is a development and production company, which utilises
appropriate development approaches to create value from undeveloped
and mature oil and gas assets. Nu-Oil is building a portfolio of
development and production assets with an emphasis on stranded and
marginal discoveries which can be unlocked using cost-effective
development solutions.
Nu-Oil targets thoroughly appraised fields located in basins
with stable political and regulatory regimes. By doing so Nu-Oil
minimises exposure to the risks associated with frontier plays,
particularly exploration and appraisal risks.
Marginal Field Development Company Ltd. ("MFDevCo"), in which
both Nu-Oil and RMRI Ltd., a company controlled by Alan Minty, hold
a 50% interest, has developed offshore production solutions that
improve the economics of oil projects by significantly lowering
development costs compared to conventional approaches. To implement
its solutions, MFDevCo has established the Marginal Field Delivery
Consortium ("the Consortium"), a group of leading global
engineering specialists who provide the skills and capability
required to deliver projects. Nu-Oil will utilise MFDevCo solutions
and the capability within the Consortium to develop and deliver its
projects.
www.nu-oilandgas.com
Disclaimer
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
IOELIFLRVSIELIT
(END) Dow Jones Newswires
March 15, 2018 03:01 ET (07:01 GMT)
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