U.S. Oil & Gas Plc (LON:USOIL) has raised US$290,632 of new capital, placing 685,314 new shares at a price of 33.99 euro cents.
The company told investors that the injection of funds will provide additional working capital, including the funding of drilling operations.
A total of 685,314 placing shares will shortly be issued, and the company’s total issued shares will number 60.87mln shares.
USOIL is advancing towards a new drilling programme in Nevada. Recently, the company contracted a rig for the programme.
In a statement on March 29, the explorer said it had signed up Capstar drilling (a unit of Oil States International Inc) for up to two wells (Eblana-3 and Eblana-6). It is anticipated that the rig will be mobilised to the company’s Hot Creek Valley project area from April 6 and the company intends to announce details of the planned spudding in due course.