Chariot Ltd (AIM:CHAR, OTC:OIGLF) has conditionally raised US$25.5mln (£20.4mln) through a placing and subscription to push on with its Anchois gas development and renewable power pipeline.
After announcing the proposed fundraising late on Wednesday, as well as a further US$4mln as part of an open offer, the Africa-focused energy company confirmed on Thursday that the bookbuild for the placing and subscription had completed at more than the planned US$20mln.
The gross proceeds so far include US$0.6mln conditionally raised from some of the company's directors, as part of the subscription.
The new shares are to be issued at a price of 18p apiece, compared to the last closing price of 18.4p.
The open offer is being made on the basis of one share for every 47 existing ordinary shares held.
Adonis Pouroulis, acting chief executive of Chariot, said: “Following our successful drilling campaign offshore Morocco and the excellent post well analysis on the gas composition and net pay estimates from the Anchois wells, we are focused on bringing the Anchois development into production and fast tracking towards generating material cashflows as quickly as possible.”
He said the funds raised will enable the company to accelerate development plans and will also support its Transitional Power business and the ongoing evaluation of new ventures that fit within the strategy.
“Management have further supported the company in this fundraise so we remain fully aligned with our shareholder base, demonstrating our commitment and belief in the value and future growth of our business,” Pouroulis added.
“We are excited about moving the Anchois development towards FID and we look forward to updating the market in this regard, as well as with our progress across our wider portfolio."