Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced the successful completion of its open share offer, which was oversubscribed and raised $1 million (c.£700,000).
Added to a parallel investment round, the junior energy firm has attracted $7.1 million of new money, a serious feat in these difficult markets.
The company today highlighted that the open offer portion of the raise saw a take-up of 119%, and some 52.27mln shares are being issued to qualifying shareholders (who will receive their basic entitlement).
"We are very pleased to announce the results of this open offer and would like to thank our shareholders for their ongoing support,” said Chariot CFO Julian Maurice-Williams.
He added: “We look forward to delivering on our plans across our Upstream and Renewable Power businesses over the coming months."
Chariot announced it had raised $5.5 million through an oversubscribed placing and subscription, and that it would be splitting its two businesses into separate companies, one focused on upstream oil and gas, and the other on renewable energy.