Nu-Oil to raise £0.25m via open offer

12th Apr 2019 15:17

(Sharecast News) - Nu-Oil and Gas announced an open offer to raise up to approximately £0.25m before expenses on Friday, through the issue of up to 83,333,333 new ordinary shares at an issue price of 0.3p each.The AIM-traded firm said a total of 12,445,378 treasury shares were excluded from the Open offer entitlement.It posted a circular to shareholders on Friday."At the company's AGM, held on 25 January, the board committed to shareholders that the company would accompany any placing which used the share authority available with an open offer of an equivalent amount and on the same terms as the placing," the directors of Nu-Oil said in their statement."The open offer fulfils that commitment, following the placing announced on 29 March."