RNS (20 Dec 19) - Placing @ 32p

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RNS (20 Dec 19) - Placing @ 32p

Postby TDB » Fri Dec 20, 2019 3:29 pm

https://www.investegate.co.uk/u-s--oil- ... 0000PF0EE/

Placing of Ordinary Shares

U.S. Oil & Gas Plc, (“USOIL” or the “Company”), the oil and gas exploration company with assets in Nevada, is pleased to announce that it has placed with private investors 152,842 new ordinary shares of .0001 Euro each (the “Placing Shares”) at a placing price of STG .32 per share including a share premium of .3399 Euro on each Placing Share to raise gross proceeds of circa $61,111. Each Placing Share will rank (pari passu) with each ordinary share currently in existence.

The proceeds of the placing will be used to provide US Oil with additional working capital, including the funding of drilling operations. Since no commissions are payable, the net proceeds to be received by the Company are circa $61,111. The 152,842 Placing Shares will shortly be issued through CREST.

Following the placing, the issued share capital of the Company will increase to 64,914,389 ordinary shares of .0001 Euro each. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Disclosure and Transparency Rules.
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