Union Jack looks to raise £800,000

Union Jack Oil yesterday said that it plans to raise £800,000 through a share placement as part of its proposed Aim listing. The proceeds of the placement, combined with the oil explorer’s existing cash resources, totals £1.2m and will be used to drill new wells, settle the costs of Aim admission and meet its working capital requirements. “Admission, coupled with the funding secured in connection with admission, will provide a platform for us to develop into an established UK onshore company,” said executive chairman David Bramhill. “In due course we aim to add appropriate offshore projects in the North Sea and Ireland.” The firm expects to being trading on 30 July.