United Oil & Gas has successfully raised about £800,000 - roughly US$1 million - in an additional public offer of shares that was oversubscribed.
According to data from the London Stock Exchange, the funds were raised on July 3 and will be used to support the company's oil exploration activities in Jamaica.
Chief Executive Officer Brian Larkin says the strong investor response — which saw 444 million new ordinary shares offered at 18 pence each — is a clear signal of confidence in the company's operations.
The placing agent, Global Investment Strategy UK, raised just over £654,000, while investors contributed approximately £145,000.
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