8 March 2021 | 09:43am
StockMarketWire.com - Cash shell Nu-Oil and Gas said it had agreed to acquire pirate-deterrent product maker Guardian Maritime and Guardian Barriers for a combined £4 million.
Guardian products could be retro-fitted onto the guard rails of maritime vessels and served as a visual deterrent for pirates.
They also had proven to be impregnable for pirates to board vessels fitted with this technology by using the tools and tactics they employ , Nu-Oil and Gas said.
The company also announced that it had agreed, in principle, with largest creditor C4 Energy to restructure an outstanding debt obligation of £2.5 million.
Nu-Oil and Gas also had raised £215,000 via a share issue at £0.0002 per share, in order to formally engage advisors and provide sufficient working capital to commence the Guardian deal.