Laytons ETL’s Equity Capital Markets team advised AIM-quoted United Oil & Gas plc (the Company), the oil and gas company with a high impact exploration asset in Jamaica and development asset in the UK, on their recent fundraising via an accelerated bookbuild of new ordinary shares at an issue price of GBP£0.0010 each together with one warrant (“Placing Warrants”) for every two new ordinary shares subscribed for with an exercise price of GBP£0.0015 per new share (the “Fundraising”). The Company used existing shareholder authorities to allot and issue 385 million new ordinary shares (“First Tranche Placing Shares”) and Admission of the First Tranche Placing Shares to trading on AIM will occur on or around 18 December 2024. 

The Company has convened a general meeting (“GM”) to be held on or around 8 January 2025 to seek shareholder authorities to, amongst other matters, issue 315 million new ordinary shares (“Second Tranche Placing Shares”) and the Placing Warrants. Admission of the Second Tranche Placing Shares to trading on AIM is expected to be on or around 9 January 2025 assuming all the resolutions are passed at the GM. 

Our Equity Capital Markets team was led by Joan Yu (Partner and Head of Corporate) and supported by Cameron Sutton (Associate). 

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