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.