Chariot Oil & Gas Ld Posting of Circular (7558G)
March 06 2018 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 7558G
Chariot Oil & Gas Ld
06 March 2018
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN
OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN
Chariot Oil & Gas Limited ("Chariot" or the "Company")
6 March 2018
Posting of Circular, Details of Open Offer, and Notice of
General Meeting
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, is pleased to confirm
that, further to the Company's announcement on 27 February 2018, a
circular containing details of the Placing and Open Offer, together
with the Notice of General Meeting (the "Circular"), has today been
posted to Shareholders. A copy of the Circular will be available
shortly on the Company's website (www.chariotoilandgas.com).
The Company announced on 27 February 2018 that it had
conditionally raised total gross proceeds of approximately US$15
million (GBP10.7 million) by the conditional placing of 82,582,747
New Ordinary Shares (the "Placing") at an issue price of 13 pence
per New Ordinary Share (the "Issue Price"). Furthermore, it
proposed to raise up to a further EUR5.0 million (GBP4.4 million)
by the issue of up to a further 33,609,150 New Ordinary Shares
pursuant to an Open Offer (the "Open Offer") to Qualifying
Shareholders at the Issue Price.
The Fundraising has been undertaken to deliver a two-well
programme within the near term comprising the drilling of Prospect
S in Namibia, in addition to the carried drilling of the RD-1 well
in Morocco by Eni, with success in either of these wells being
potentially transformational for Chariot.
Open Offer
The Board is grateful for the continued support of all
shareholders, and is pleased to offer existing shareholders the
opportunity to participate in the Fundraising through the Open
Offer at the same price at which institutional investors are
participating in the Placing.
Qualifying Shareholders may subscribe for Open Offer Shares on
the basis of:
1 Open Offer Share for every 8 Existing Ordinary Shares
held at 5.30 p.m. on the Record Date, being 2 March 2018.
Qualifying Shareholders subscribing for their full entitlement
under the Open Offer may also request additional New Ordinary
Shares as an Excess Entitlement at the discretion of the Directors,
up to the total number of Open Offer Shares available to Qualifying
Shareholders under the Open Offer.
The amount offered pursuant to the Open Offer is restricted to
the sterling equivalent of EUR5 million at the time the offer to
Qualifying Shareholders is made in order for the Company to rely on
the exemption from issuing a prospectus in section 85(5) and
paragraph 9 of Schedule 11A of FSMA and on paragraph 43 of the
Financial Services and Markets Act 2000 (Financial Promotion) Order
2005 (as amended).
Open Offer Timetable
Record Date for entitlements 5.30 p.m. on 2
under the Open Offer March 2018
Dispatch of the Circular, the 6 March 2018
Form of Proxy and, to Qualifying
Non-CREST Shareholders only,
the Application Form
Ex-entitlement date for the 7 March 2018
Open Offer
Basic Entitlements and Excess 7 March 2018
Entitlements credited to stock
accounts of Qualifying CREST
Shareholders
Recommended latest time for 4.30 p.m. on 19
requesting withdrawal of Basic March 2018
Entitlements and Excess Entitlements
from CREST
Latest time and date for depositing 3.00 p.m. on 20
Basic Entitlements and Excess March 2018
Entitlements into CREST
Latest time and date for splitting 3.00 p.m. on 21
of Application Forms (to satisfy March 2018
bona fide market claims only)
Latest time for receipt of 10.00 a.m. on 23
Forms of Proxy March 2018
Latest time and date for receipt 10.00 a.m. on 23
of completed Application Forms March 2018
from Qualifying Non-CREST Shareholders
and payment in full under the
Open Offer or settlement of
relevant CREST instructions
(as appropriate)
General Meeting 10.00 a.m. on 27
March 2018
Announcement of the results 27 March 2018
of the Open Offer
Announcement of the results 27 March 2018
of the General Meeting
Issue of Placing Shares and 28 March 2018
Open Offer Shares
Admission and commencement 8.00 a.m. on 28
of dealings in the Enlarged March 2018
Share Capital expected to commence
on AIM
CREST accounts expected to 28 March 2018
be credited
Definitive share certificates 6 April 2018
to be dispatched by
General Meeting
The General Meeting is to be held at the offices of finnCap, 60
New Broad Street, London EC2M 1JJ at 10.00 a.m. on 27 March
2018.
Enquiries:
For further information please visit www.chariotoilandgas.com or
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Joint Broker)
Matt Goode, Christopher Raggett, Anthony Adams (Corporate
Finance)
Emily Morris, Abigail Wayne (Corporate Broking) +44 (0)20 7220 0500
Cenkos Securities PLC (Joint Broker)
Neil McDonald, Derrick Lee (Corporate Finance)
Joe Nally, Leif Powis (Corporate Broking) +44 (0)20 7397 8900
Celicourt Communications (Financial PR)
Henry Lerwill, Jimmy Lea +44 (0)20 7520 9261
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering two blocks in
Namibia, three blocks in Morocco and four blocks in the
Barreirinhas Basin offshore Brazil. All of these blocks are
currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM, a market operated by the London
Stock Exchange under the symbol 'CHAR'.
All capitalised terms not defined herein shall have the meanings
ascribed to them in the announcement made on 27 February 2018 and
confirmed in the Circular.
The information communicated in this announcement contains
inside information for the purposes of Article 7 of the Market
Abuse Regulation (EU) No. 596/2014. Upon the publication of this
announcement via regulatory news service this inside information is
now considered to be in the public domain.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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