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.
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.