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Nu-Oil and Gas raises funds for due diligence as reboot continues

The company's new backers continue to move towards a 'reverse takeover' transaction.

Nu-Oil and Gas PLC - Nu-Oil and Gas raises funds for due diligence as reboot continues

Rebooting junior energy firm Nu-Oil and Gas PLC (LON:NUOG) has raised £420,000 in a share placing to enable the company’s entry into new contracts.

Nu-Oil, in a statement, said that the injection of capital will allow it to engage consultants and third party due diligence providers as it moves towards a ‘reverse takeover’ transaction.

It issued 800mln new shares to investors at a price of 0.0525p. The investors will also receive warrants, some 110mln were issued, which are exercisable over the next two years at a price of 0.0625p per additional new share.

READ: Nu-Oil releases pre-restructuring financial results

In October, Nu-Oil revealed a restructuring amid a debt purchase by C4 Energy Ltd.

C4 acquired US$2.5mln worth of debt, and, its shareholders - which include former Aminex chief executive Jay Bhattacherjee - participated in a £500,000 placing to provide short-term working capital.

Bhattacherjee joined as non-executive chairman-elect along with fellow C4 shareholder Andrew Dennan, meanwhile, the prior Nu-Oil management team departed and subsequently took with them the company’s ‘legacy’ marginal field assets.

Quick facts: Nu-Oil and Gas PLC

Price: 0.04 GBX

Market: AIM
Market Cap: £1.35 m

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