Chariot Oil & Gas Ld Result of Open Offer and Amended Timetable (2626C)

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                          [phone] 
 
   finnCap (Nominated Adviser and Joint Bookrunner) 
   Christopher Raggett, Simon Hicks, Edward 
   Whiley (Corporate Finance) 
   Andrew Burdis (ECM)                                   [phone] 
 Peel Hunt (Joint Bookrunner) 
  Richard Crichton / David McKeown / Alexander 
  Allen 
  Jock Maxwell Macdonald / Sohail Akbar                [phone] 
 Celicourt Communications (Financial PR) 
  Mark Antelme 
  Jimmy Lea                                            [phone] 
 

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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June 17, 2021 06:30 ET (10:30 GMT)