Kerman & Co advises United Oil & Gas on oversubscribed conditional placing and subscription of £3m

October 8, 2018

“We thoroughly enjoy working with the UOG team, having advised them from the company’s inception through to its debut on the capital markets.”

Kerman & Co’s Capital Markets team advised United Oil & Gas Plc (LSE: UOG), in connection with its recently completed fundraising. UOG raised £3 million by way of an oversubscribed conditional placing and subscription (the “Placing”) with new and existing investors of 54,545,454 new ordinary shares of £0.01 each at 5.5 pence per new ordinary share, with warrants attached on a 3 warrants for 4 shares basis at a strike price of 8 pence. UOG intends to use the funds to pursue new development projects in Europe and high impact exploration plays in the Caribbean, Latin America and Africa. The Placing was supported by certain strategic investors in recognition of the quality and underlying value of UOG’s existing assets and management’s ability to use the Placing as a platform from which to further grow the company and build value.

UOG is an independent oil and gas company, developing a portfolio of production, development and exploration projects in Europe, Africa, Latin America and the Caribbean.

Over the course of the last 18 months, Kerman & Co has advised UOG in connection with the publication of two prospectuses (including one in connection with a reverse takeover) and the completion of four placings.

Brian Larkin, CEO of UOG, commented: “We are delighted with the result of this oversubscribed placing. This further validation of our strategy of building a strong and diverse portfolio of late stage development projects in Europe, and high impact exploration in the Caribbean.”

Jack Kemmish, Associate Solicitor at Kerman & Co, commented: “We thoroughly enjoy working with the UOG team, having advised them from the company’s inception through to its debut on the capital markets. As well as advising the Group in connection with its fundraisings and acquisitions to date of exciting exploration prospects, we provide regular legal and commercial counsel on a broad spectrum of matters. We look forward to continuing to develop our relationship with UOG and supporting them with their ambitious growth plans.”

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