Chariot Ltd (AIM:CHAR, OTC:OIGLF) has raised £11.7mln (US$15mln) of net proceeds as it closed the books on a share placing, funding the AIM-quoted ‘energy transition’ firm for near-term activity in Morocco as well as providing cash for new ventures.
The company is issuing some 89.63mln new shares priced at 14p each.
At the same time, Chariot is also seeking to raise a further £2.3mln through a separate share sale to qualifying existing shareholders via an open offer share sale.
“I would like to thank all our existing and new shareholders for supporting this raise and we welcome the participation of our retail investors through the open offer,” Chariot chief executive Adonis Pouroulis said in a statement.
“We look forward to reporting on our drilling programme on the new onshore Moroccan licence, to be awarded, as well as our partnering process, other offshore activities and further value generative corporate developments over the rest of 2023 and beyond," he added.
At the Anchois gas project, meanwhile, Chariot told investors that it continues to make good progress on a partnership process and today’s funding gives it a greater negotiating position to finalise the talks.