Shares in United Oil & Gas PLC (AIM:UOG) fell over 30% after it said it conditionally raised £1 million by selling heavily discounted stock in the Jamaica-focused junior.
To entice investors to take up the offer, shares were priced at 0.2p each, a 43% discount to Monday's closing price. Directors, including CEO Brian Larkin, spent £35,000 participating in the fundraiser.
At 8.07 am, the shares were changing hands for 0.24p each, down 0.11p. So, at least the new backers of the business are in the money (at the mid-price at least).