Chariot Oil & Gas Ld Posting of Circular and Notice of General Meeting (1904A)
May 28 2021 - 5:00AM
UK Regulatory
TIDMCHAR
RNS Number : 1904A
Chariot Oil & Gas Ld
28 May 2021
28 May 2021
Chariot Oil & Gas Limited
("Chariot", the "Company")
Posting of Circular, Details of Open Offer and Notice of General
Meeting
Chariot (AIM: CHAR), the African focused transitional energy
group, is pleased to confirm that, further to the Company's
announcement on 25 May 2021, a Circular containing details of the
Placing, Subscription 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 .
The Company announced on 25 May 2021 that it had conditionally
raised gross proceeds of US$16.5 million (GBP11.7 million) through
the successful Placing of and Subscription for 212,553,929 of New
Ordinary Shares, at the Issue Price of 5.5 pence per Ordinary
Share. Furthermore, it proposed to raise up to a further US$5
million (GBP3.5 million) by the issue of New Ordinary Shares
pursuant to an Open Offer to Qualifying Shareholders at the Issue
Price.
Magna Capital LDA (of which Adonis Pouroulis is a substantial
shareholder) has conditionally agreed to underwrite the
Fundraising, ensuring that the total fundraising will equate to
approximately US$23 million (GBP16.3 million) before expenses, by
subscribing, in two tranches on or before 31 January and 28
February 2022, for new Ordinary Shares at the Issue Price (the
"Underwriting Commitment"). Mr Pouroulis has personally
sub-underwritten the Underwriting Commitment. The Underwriting
Commitment is transferable at Magna's sole discretion and shall
reduce in equal proportion to any funds received separately by the
Company from the Open Offer, a farm-in or a further fundraise.
The Fundraising has been undertaken to drill an appraisal well
at the Anchois gas discovery offshore Morocco, progress the work
programme on acreage surrounding Anchois, integrate the
transitional power team and existing project, fund a near-term
power project and fund general working capital.
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 investors in the Placing and
Subscription are taking part.
Qualifying Shareholders may subscribe for Open Offer Shares on
the basis of:
1 Open Offer Share for every 6 Existing Ordinary Shares
held at 6.30 p.m. on the Record Date, being 25 May 2021.
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 expected timetable of principal events relating to the Open
Offer is included in the Circular.
General Meeting
The General Meeting is to be held at 19-21 Old Bond Street,
London, W1S 4PX at 10.00 a.m. on 18 June 2021. In light of the
Government's response to the COVID-19 outbreak, Shareholders are
reminded that attendance in person at indoor meetings is subject to
restrictions pursuant to applicable regulations. Shareholders are
therefore urged to complete and return their Form of Proxy in
accordance with the instructions printed thereon.
Enquiries:
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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