Nu-Oil & Gas SUSPENDED (NUOG.L)
The proposed transaction, as announced on 14 April 2020, is no longer proceeding despite efforts to agree mutually acceptable terms.
NUOG's search for independent projects, of which the proposed transaction referred to above was one, has led to the development of a portfolio of other potential projects, two of which are now being actively progressed by NUOG which is now in advanced negotiations with the respective counter parties involved.
The Company was designed an AIM Rule 15 cash shell on 4 November 2019. In accordance with the provisions of AIM Rule 15, the Company's Ordinary Shares therefore remain suspended from trading on AIM until an AIM Admission Document is published in respect of a reverse takeover transaction.
The Board remains confident that it will conclude a transaction which will constitute a reverse takeover within the stipulated timeframe under AIM Rule 15 and will update shareholders accordingly. #NUOG