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United Oil & Gas Plc (AIM: “UOG”), the oil and gas company with a high impact exploration asset in Jamaica and development asset in the UK announced on 26 February 2024 details of a fundraising to raise funds through the issue of new ordinary shares of £0.00001 each in the capital of the Company (“New Ordinary Shares”) at a price of £0.002 each (the “Issue Price”) to be completed by way of an accelerated bookbuild process (the “Bookbuild”) which was managed by Tennyson, acting as sole bookrunner (“Tennyson” or the “Bookrunner”).

The Company is pleased to confirm that the Bookbuild has been completed and the Company has, conditionally, raised gross proceeds of £1.0 million through an oversubscribed placing of 457,500,000 New Ordinary Shares with new and existing shareholders via the Bookbuild and 42,500,000 New Ordinary Shares by way of subscriptions directly with the Company (“Subscription”). Accordingly, a total of 500,000,000 New Ordinary Shares will be issued pursuant to the fundraising, representing 76.18 per cent of the Company’s issued ordinary share capital.

The Directors participated in the Placing and the details of their anticipated shareholdings are shown below subject to the Placing becoming unconditional:

The New Ordinary Shares will be issued and credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after the admission of those New Ordinary Shares and will otherwise rank on Admission pari passu in all respects with each other and with the existing ordinary shares in the Company.

The Placing and the Subscription (together “Fundraising”) are conditional upon, amongst other things:

·      the Placing Agreement having become unconditional (save for Admission) and not having been terminated in accordance with its terms prior to Admission; and

·      the GM has passed all the resolutions (“Resolutions”) associated with the Fundraising.

·      Admission taking place by no later than 8.00 a.m. on 18 March 2024 (or such later date as the Bookrunner may agree in writing with the Company, being not later than 8.00 a.m. on the long stop date. If any of the conditions are not satisfied, the Placing Shares will not be issued, and Admission of the New Ordinary Shares will not take place.

The total issued share capital of the Company, as increased by the New Ordinary Shares, immediately following Admission (and excluding any issues of shares between the date of this Announcement and Admission) will be 1,156,353,969 ordinary shares.

The Company expect to send a circular shortly to shareholders to convene a General Meeting to propose the resolutions to shareholders and it will be available on the Company’s website.

Indicative Timetable

Terms used but not defined in this Announcement have the same meaning as set out in the Company’s Announcement released at 4:45 p.m. on 26 February 2024.

Results of the Fundraising- 07:00:09 27 Feb- UOG News Article| London Stock Exchange