Chariot Ltd (AIM:CHAR, OTC:OIGLF) has raised US$5.5 million (£4.1 million) in net proceeds from a significantly oversubscribed placing and subscription.
The company priced the equity raise at 1.4p per share.
Proceeds are earmarked for Chariot’s participation in wind, gas and upstream projects, plus will support the firm as it pursues a proposed demerger of its renewable power business.
“We will now move forward in executing our plans across our Upstream and Renewable Power businesses as we look to demerge, create two standalone entities and unlock the value that is currently unrecognised within the group,” chief executive Adonis Pouroulis said, in a statement after Friday's close.
“We look forward to providing further updates on our progress and next steps in due course."