Chariot Oil & Gas Ld Posting of Circular (7558G)

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                                               [phone] 
      finnCap (Nominated Adviser and Joint Broker) 
       Matt Goode, Christopher Raggett, Anthony Adams (Corporate 
       Finance) 
       Emily Morris, Abigail Wayne (Corporate Broking)                   [phone] 
      Cenkos Securities PLC (Joint Broker) 
       Neil McDonald, Derrick Lee (Corporate Finance) 
       Joe Nally, Leif Powis (Corporate Broking)                         [phone] 
      Celicourt Communications (Financial PR) 
       Henry Lerwill, Jimmy Lea                                          [phone] 
 

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

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March 06, 2018 02:00 ET (07:00 GMT)