Chariot Ltd (AIM:CHAR, OTC:OIGLF) said the open offer that accompanied its £20.4mln placing and subscription in May was more than three times oversubscribed.
Shareholders applied for 61mln shares compared to the 17.6mln that were available through the offer, said the oil, gas and renewable energy firm, raising gross proceeds of US$4mln (£3.2mln).
Julian Maurice-Williams, Chariot’s chief financial officer, said: "I am very pleased to report that, subject to shareholder approval, we will have raised a total of US$29.5mln through the fundraising, which is an excellent result for the company.”