IN BRIEF: Union Jack Oil raises PS2 million to fund US drilling plans

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Union Jack Oil PLC - UK and US focused onshore hydrocarbon, production, development, exploration firm - Raises £2 million via a placing and subscription of 40 million shares at 5 pence each. Each placing and subscription share will have one warrant attached, exercisable at 8p for a period of two years. SP Angel Corporate Finance LLP and Zeus Capital Ltd act as joint brokers in relation to the placing. Union Jack plans to use the proceeds to fund three well drilling programme in Oklahoma at a cost of around $3.0 million. Executive Chair David Bramhill says: ‘The board would like to thank those new investors and shareholders who have participated in the fundraise that will help deliver further growth for the company.’

Current stock price: 4.94 pence, down 36% in London on Wednesday

12-month change: down 73%

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