Chariot Oil & Gas Ld Result of Open Offer and Amended Timetable (2626C)
June 17 2021 - 6:30AM
UK Regulatory
TIDMCHAR
RNS Number : 2626C
Chariot Oil & Gas Ld
17 June 2021
17 June 2021
Chariot Oil & Gas Limited
("Chariot", the "Company")
Result of Open Offer and Amended Timetable
Chariot (AIM: CHAR), the African focused transitional energy
group, announces the result of its Open Offer and an amendment to
the date for settlement and admission of the New Ordinary Shares to
be issued pursuant to the Fundraising announced on 24 May 2021 to
trading on AIM.
Result of Open Offer
On 24 May 2021, Chariot announced its intention to raise gross
proceeds of approximately $23.0 million (GBP16.3 million) by way of
a Placing, Subscription and Open Offer (together the "Fundraising")
pursuant to which it would issue new Ordinary Shares at a price of
5.5 pence per Ordinary Share (the "Issue Price").
The Company is pleased to announce that it has received valid
acceptances from Qualifying Shareholders in respect of 29,231,953
Open Offer Shares, representing 45 per cent. of the maximum number
of Open Offer Shares available. Accordingly the Open Offer has
conditionally raised total gross proceeds of approximately US$2.3
million (GBP1.6 million).
Amended Timetable
The Company has yet to receive all of the proceeds of the
Subscription. The Company is assured by the small number of
subscribers whose proceeds remain outstanding that all funds will
be settled in the coming days. Accordingly, the Company is delaying
settlement and admission of all of the New Ordinary Shares to be
issued pursuant to each of the Placing, Subscription and Open Offer
from 21 June 2021 to 28 June 2021, as is permitted under the
various agreements relating to the Fundraising.
The issuance of the New Ordinary Shares is subject to and
conditional on the passing of the Resolutions at the General
Meeting.
Following their issue, the New Ordinary Shares will be credited
to CREST Members' accounts on 28 June 2021 and definitive share
certificates will be dispatched by 6 July 2021.
Capitalised terms in this announcement shall have the same
meaning as in the announcement made by the Company on 24 May 2021
unless the context requires otherwise.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
For further information please contact:
Chariot Oil & Gas Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Joint Bookrunner)
Christopher Raggett, Simon Hicks, Edward
Whiley (Corporate Finance)
Andrew Burdis (ECM) +44 (0)20 7220 0500
Peel Hunt (Joint Bookrunner)
Richard Crichton / David McKeown / Alexander
Allen
Jock Maxwell Macdonald / Sohail Akbar +44 (0)20 7418 8900
Celicourt Communications (Financial PR)
Mark Antelme
Jimmy Lea +44 (0)20 8434 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an African focused transitional energy group. Its
current business stream, Chariot Transitional Gas, is a high value,
low risk gas development project with strong ESG credentials in a
fast-growing emerging economy with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside.
On completion of the acquisition of AEMP, Chariot will have a
second business stream, known as Chariot Transitional Power,
looking to transform the energy market for mining operations in
Africa, providing a giant largely untapped market with cleaner,
sustainable, and more reliable power.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM under the symbol 'CHAR'. Subject to
approval by Shareholders, the Company intends to change its name
from Chariot Oil & Gas Limited to Chariot Limited.
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