Union Jack Oil has raised £800,000 through a placing of 470,588,235 new ordinary shares at 0.17p.
Proceeds will allow the company to expand its portfolio through the acquisition of interests in drill-ready projects onshore UK.
Executive chairman David Bramhill, said: “The placing further strengthens our balance sheet and will allow us to continue to execute our strategy of focusing on acquiring interests in low-cost UK onshore exploration, appraisal, development and production opportunities.”
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