Union Jack Oil (ISDX:UJOP), the vehicle of entrepreneur David Bramhill, is to make the switch from the ISDX market to the Alternative Investment Market (AIM).
The company said it expects to get its AIM listing on or around 30 July.
Union Jack added it will be publishing an admission document in connection with the AIM admission in due course.
To coincide with the step-up to AIM, the company will raise new funds through a placing of shares plus a share subscription, both at 0.25p per share. In all, the company expects to issue 310mln new shares in connection with the placing and subscription. The company currently has 467.8mln share in issue.
The board is also seeking authority to allot warrants over 328.mln ordinary shares, with such warrants to be issued to those subscribing for ordinary shares as part of the fundraising on a one for one basis at an exercise price of 0.3p, exercisable at any time in the 18 months following the AIM admission.
The board is also calling on shareholders to authorise the directors to allot 410.8mln shares, representing half of the ordinary issued share capital of the company following the AIM admission, and to give permission for the directors to waive the requirement for any allotment of shares comprising more than 25% of the company to be done on a pre-emptive basis.
The company also wants to be allowed to adopt a share option scheme for employees to foster a culture of employee involvement.