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US Oil & Gas raises capital with share issue

The unlisted oil and gas firm announced a share placing with private investors

US Oil & Gas raises capital with share issue

US Oil & Gas PLC (USOP) has announced a US$83,295 equity raise, issuing shares to private investors.

A total of 222,714 new shares in the company are being sold at a price of 31p per share, the company said in a statement.

“The proceeds of the placing will be used to provide US Oil with additional working capital, including the funding of drilling operations,” it said.

The statement noted that the unlisted group's chief executive Brian McDonnell holds 3.92mln shares, which is just over 6% of the company.

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US Oil & Gas CEO: We’re moving as fast as we can

Brian McDonnell, chief executive of GXG-listed US Oil & Gas (GXG:USOP), says the company has looked at various funding options in Nevada. McDonnell says while he is optimistic about a deal, the company is reliant on potential farminees to make a move. He urges shareholders to be patient...

on 19/9/14

2 min read