22nd Jul 2014 14:58
LONDON (Alliance News) - Chariot Oil & Gas Ltd Tuesday said it has placed 58.6 million shares at a price of 15 pence per share to raise USD15 million to fund the completion of its 3D seismic work commitment in Brazil and to pursue an additional new venture opportunity to sustain the growth potential of its portfolio.
On Monday, the company said it will split the funds equally to pursue each venture. Chariot said the fundraising will also result in greater flexibility in partnering negotiations and will provide further optionality in executing its forward work programmes.
The placing price represents a discount of approximately 14.3% to the closing middle market price of 17.5 pence per share on Monday, being the last business day prior to the announcement of the Placing. Chariot shares were quoted down 8.6% at 16.00 pence Tuesday afternoon.
"We are pleased to have carried out this successful fundraising and I would like to thank our current investors for their ongoing support and welcome our new institutional investors who will become shareholders in Chariot as a result of this placing, Chief Executive Larry Bottomley said in a statement.
GMP Securities Europe LLP and FinnCap Ltd will act as joint bookrunners.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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