Chariot Limited Result of Significantly Oversubscribed Open Offer (2903O)
09 June 2022 - 4:02PM
UK Regulatory
TIDMCHAR
RNS Number : 2903O
Chariot Limited
09 June 2022
9 June 2022
Chariot Limited
("Chariot", the "Company")
Result of Significantly Oversubscribed Open Offer
Registered interest for over 347% of the available Open Offer
Shares
Chariot (AIM: CHAR), the African focused transitional energy
group, today announces the result of its Open Offer pursuant to the
Fundraising announced on 18 May 2022.
The Company is pleased to announce that it has received valid
acceptances from Qualifying Shareholders in respect of 61,098,316
Open Offer Shares, representing a take-up of over 347 per cent. of
the 17,597,272 available Open Offer Shares.
All Qualifying Shareholders who have validly applied for Open
Offer Shares will receive their full Basic Entitlement.
Applications for Open Offer Shares under the Excess Application
Facility will be scaled back as outlined in the Circular on a
pro-rata basis, with the same scaling methodology to be applied to
each shareholder who applied for Excess Entitlements. Accordingly,
the Open Offer has conditionally raised total gross proceeds of
approximately US$4.0 million (GBP3.2 million).
The issuance of the New Ordinary Shares is subject to and
conditional on the passing of the Fundraise Resolutions at the
General Meeting to be held on 10 June 2022.
Julian Maurice-Williams, CFO of Chariot commented, "I am very
pleased to report that, subject to shareholder approval, we will
have raised a total of US$29.5 million through the Fundraising,
which is an excellent result for the Company. We are very grateful
to our shareholders for their continued support and we are excited
about the coming months, as we anticipate the rest of the year will
be a very busy period for Chariot."
Capitalised terms in this announcement shall have the same
meaning as in the announcement made by the Company on 18 May 2022
unless the context requires otherwise.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
Enquiries
Chariot Limited
Adonis Pouroulis, Acting CEO +44 (0)20 7318
Julian Maurice-Williams, CFO 0450
Cenkos Securities Plc (Nomad and Joint Broker)
Derrick Lee, Adam Rae (Corporate Finance) +44 (0)20 7397
Leif Powis (ECM) 8900
Peel Hunt LLP (Joint Broker) +44 (0) 20 7894
Richard Crichton, David McKeown 7000
Celicourt Communications (Financial PR) +44 (0)20 8434
Mark Antelme, Jimmy Lea 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an African focussed transitional energy group with
two business streams, Transitional Gas and Transitional Power.
Chariot Transitional Gas is a high value, low risk gas
development project offshore Morocco with strong ESG credentials in
a fast-growing emerging economy with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside. Chariot Transitional Power, looking to transform the energy
market for mining operations in Africa, providing a giant largely
untapped market with cleaner, sustainable, and more reliable power.
Chariot is also partnering with the Government of Mauritania on the
potential development of a 10GW green hydrogen project, Project
Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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END
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