Chariot Ltd - London-based transitional energy company focused on Africa - Announces £4.6 million fundraise through placing and subscription and up to further £1.5 million in open offer. Will issue 71.4 million shares under placing and subscription and up to 23.8 million shares under open offer of one new share per 46 shares held, all at 6.50 pence per share. Issue price is a 13% discount to closing price on Thursday. Notes certain directors and seniors managers to subscribe for total £800,000 with Chief Executive Adonis Pouroulis to subscribe for £500,000. New shares to represent 9% of existing shares issued prior to fundraise.
Will use funds to strengthen balance sheet as well as securing a new venture opportunity with multi-billion barrel potential, progress onshore gas commercialisation in Morocco, conduct a flow test at its onshore Loukos licence, and move toward a final investment decision at its Energean PLC-partnered Anchois-East well expected to begin drilling in August.
Pouroulis said: ‘Chariot has a number of key catalysts coming up over the next few months that have the potential to transform the growth profile of the business. Beyond our existing portfolio, following the successful deal with Energean, the Chariot team have been evaluating a number of material new venture opportunities. We have identified a priority target which if successfully secured, would bring material scale to our portfolio and we look forward to providing updates on these developments as soon as we are able to.’
Current share price: 7.18 pence, closed down 4.3% on Friday in London
12-month change: down 50%
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