NU-Oil and Gas raises £700,000

NU-Oil and Gas has raised £700,000, before expenses, through the issue of 175,000,000 new ordinary shares with new and existing shareholders at 0.4p apiece.

The net proceeds will be used for the continued implementation of the company's stranded and marginal field strategy, to facilitate the acquisition of projects and for general working capital.

The company says it is in discussions which it is hoped will lead to one or more projects being secured in the short term.

At 3:15pm: (LON:NUOG) Nuoil And Gas Plc Ord 0.1p share price was -0.25p at 0.45p