Chariot Ltd (AIM:CHAR, OTC:OIGLF), the energy firm, confirmed it received nearly double the interest for its latest share sale, allowing the company to raise £1.5 million.
As part of its open offer, the group reported that it received interest for more than 46.2 million shares, amounting to a take-up rate exceeding 197% of the 23.35 million available shares.
This oversubscription allowed Chariot to raise approximately US$2 million (£1.5 million).
The cash is part of a broader fundraising effort, which has now brought in a total of US$9 million.
Julian Maurice-Williams, CFO of Chariot, said: "We are grateful to our shareholders for their considerable support, which has enabled Chariot to deliver a further $2 million via this significantly oversubscribed Open Offer, bringing the total fundraise to $9 million gross.
“This is an exciting period for the Company, and we look forward to updating all our stakeholders on the imminent drilling campaign at Anchois, alongside progress across the wider Group, over the coming months."
In July, Chariot confirmed it raised £5 million ($6.4 million) of new equity, part of another oversubscribed offering, which valued each share at 6.5p.