Chariot Oil & Gas raises £11.7mln in share placing to accelerate growth
Chariot Oil & Gas Ltd (LON:CHAR) has raised £11.7mln of new capital to fund an appraisal well at the Anchois Gas Development offshore Morocco.
Funds will also support work in the acreage surrounding the Anchois discovery, to set up the additional resources for development in the future.
Significantly, the injection will also support its ‘transitional power’ unit which is focussing on renewable energy opportunities in Africa. Here, the cash helps with the integration of the team along with cash to fund near term projects.
Some 212.5mln new shares were sold in a placing at a price of 5.5p. A further £3.5mln raise will now be pursued through an open offer to qualifying existing shareholders – who will be entitled to buy 1 new share for every 6 shares they own.
The fundraising effort is being underwritten by Magna Capital, of which Chariot’s acting chief executive Adonis Pouroulis is a substantial shareholder, to ensure that £16.3mln of total funding is secured for the company.
“This successful fundraise marks a key turning point in the evolution of the company, as we seek to build a transitional energy business in Africa, that we believe will deliver value for all stakeholders.
“With the net proceeds, Chariot intends to accelerate the timeline of the Anchois Gas Development coming online, with a near-term appraisal well now in sight and the launch of Chariot’s Transitional Power division, following the acquisition of AEMP earlier in the year in partnership with Total Eren.”
He added: “This fundraise will turbocharge our growth ambitions in both our transitional gas and transitional power businesses which are highly scalable in terms of both the prospective gas resources offered in Anchois and surrounding area, and in the pipeline of projects to provide clean power to mining and industrial clients in Africa.”
Story by ProactiveInvestors
Source: http://www.proactiveinvestors.com/companies/news/950405/chariot-oil--gas-raises-117mln-in-share-placing-to-accelerate-growth-950405.html
Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.
"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world. Anyone can join. Anyone can contribute. Anyone can become informed about their world. "United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.
LION'S MANE PRODUCT
Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules
Mushrooms are having a moment. One fabulous fungus in particular, lion’s mane, may help improve memory, depression and anxiety symptoms. They are also an excellent source of nutrients that show promise as a therapy for dementia, and other neurodegenerative diseases. If you’re living with anxiety or depression, you may be curious about all the therapy options out there — including the natural ones.Our Lion’s Mane WHOLE MIND Nootropic Blend has been formulated to utilize the potency of Lion’s mane but also include the benefits of four other Highly Beneficial Mushrooms. Synergistically, they work together to Build your health through improving cognitive function and immunity regardless of your age. Our Nootropic not only improves your Cognitive Function and Activates your Immune System, but it benefits growth of Essential Gut Flora, further enhancing your Vitality.
Our Formula includes: Lion’s Mane Mushrooms which Increase Brain Power through nerve growth, lessen anxiety, reduce depression, and improve concentration. Its an excellent adaptogen, promotes sleep and improves immunity. Shiitake Mushrooms which Fight cancer cells and infectious disease, boost the immune system, promotes brain function, and serves as a source of B vitamins. Maitake Mushrooms which regulate blood sugar levels of diabetics, reduce hypertension and boosts the immune system. Reishi Mushrooms which Fight inflammation, liver disease, fatigue, tumor growth and cancer. They Improve skin disorders and soothes digestive problems, stomach ulcers and leaky gut syndrome. Chaga Mushrooms which have anti-aging effects, boost immune function, improve stamina and athletic performance, even act as a natural aphrodisiac, fighting diabetes and improving liver function. Try Our Lion’s Mane WHOLE MIND Nootropic Blend 60 Capsules Today. Be 100% Satisfied or Receive a Full Money Back Guarantee. Order Yours Today by Following This Link.
