3rd Dec 2021 17:45
Chariot Ltd - Africa-focused transitional energy company - Raises USD9.5 million through placing and subscription of 101.6 million shares at 7.0 pence per share.
Proceeds will go towards re-entering the Anchois-1 discovery well, finalise negotiations on gas sales agreements and fund a fund a feasibility work programme on a green hydrogen project in Mauritania.
In addition, Chariot seeks to raised a further USD2.0 million through an open offer on the basis of one open offer share for every 30 existing shares held.
"I can confirm that myself and my fellow directors subscribed for a material amount of the raise, all of which resulted in the fundraise being significantly oversubscribed. We recognise our strong retail investor base, and we encourage them to support the business with its growth ambitions via the open offer," says Chief Executive Officer Adonis Pouroulis.
Current stock price: 7.16 pence, up 2.3% on Friday
Year-to-date change: down 16%
By Dayo Laniyan; [email protected]
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