REG - Chariot Limited - Result of Oversubscribed Placing and Subscription

ChariotAnnouncement

19/05/2022 07:00

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RNS Number : 0750M  Chariot Limited  19 May 2022

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, ARE RESTRICTED AND NOT
FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR
INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, THE
REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD
CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS
ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE
MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE UK
PURSUANT TO S3 OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED). UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN.

TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN
THE COMPANY'S ANNOUNCEMENT RELEASED AT 4:38 P.M. ON 18 MAY 2022.

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

19 May 2022

Result of Oversubscribed Placing and Subscription

 

Chariot (AIM: CHAR), the African focused transitional energy company, is
pleased to announce that further to the Company's announcement released at
4.38 p.m. on 18 May 2022 (the "Launch Announcement"), the accelerated
bookbuild has closed and the Company has conditionally raised gross proceeds
of US$25.5 million (£20.4 million) through the successful Placing of, and
Subscription for 113,333,334 New Ordinary Shares, in each case at the Issue
Price of 18 pence per Ordinary Share.

 

In addition to the Placing and Subscription, and as set out in the Launch
Announcement, the Company proposes to raise up to a further US$4 million
(£3.2 million) by the issue of New Ordinary Shares pursuant to an Open Offer
to Qualifying Shareholders at the Issue Price on the basis of 1 Open Offer
Share for every 47 Existing Ordinary Shares held on the Record Date.
Qualifying Shareholders subscribing for their full entitlement under the Open
Offer may also request additional Open Offer Shares through the Excess
Application Facility. Details of the Open Offer and the action to be taken by
Qualifying Shareholders to subscribe for Ordinary Shares under the Open Offer
will be set out in the Circular, which will be sent to Shareholders on 23 May
2022.

 

The gross proceeds include US$0.6 million (£0.5 million) conditionally raised
from certain of the Company's Directors, as part of the Subscription.

 

The Placing Shares and Subscription Shares represent in aggregate 14 per cent.
of the Company's Existing Ordinary Shares. The Issue Price of 18 pence per New
Ordinary Share is equivalent to the closing mid-market price of 18 pence per
Ordinary Share on 17 May 2022.

 

 

The net proceeds of the Fundraise will be used to:

·    Advance the engineering and design of the Anchois Gas Development,
including FEED project, project financing, gas sales and updated reserves
report, to reach FID

·    Progress renewable power pipeline, strategic partnering and new
venture opportunities

A Circular and notice of General Meeting will be sent to Shareholders on 23
May 2022, which will also be made available on the Company's website from that
date.

Commenting on the Fundraising, Adonis Pouroulis, Acting CEO of Chariot, said:

"We are delighted to have completed this oversubscribed Placing and
Subscription, subject to shareholder approval at the forthcoming General
Meeting, and we welcome our retail investors who would like to also
participate through the Open Offer. 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. 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."

Related Party Transaction

George Canjar, Adonis Pouroulis, Julian Maurice-Williams, Duncan Wallace, and
Chris Zeal (together, the "Subscriber Directors"), as directors of the
Company, are considered to be "related parties" as defined under the AIM Rules
and accordingly their participation in the Subscription constitutes a related
party transaction for the purposes of Rule 13 of the AIM Rules. The Subscriber
Directors have conditionally subscribed for, in aggregate, 2,594,442 New
Ordinary Shares at the Issue Price. Andrew Hockey, who is not participating in
the Fundraising and is therefore considered to be an independent Director for
the purposes of the Fundraising, considers, having consulted with Cenkos
Securities Plc, the Company's nominated adviser, that the terms of the related
party transaction are fair and reasonable insofar as the Shareholders are
concerned.

 

Posting of Circular

The Company will post a Circular to Shareholders on 23 May 2022, containing a
Notice of General Meeting, proxy form and full details of the Open Offer
including (where applicable) the Open Offer application form. The Circular
will also be available on the Company's website.

 

Enquiries:

 Chariot Limited                                                  +44 (0)20 7318 0450

 Adonis Pouroulis, Acting CEO

 Julian Maurice-Williams, CFO

 Cenkos Securities Plc (Nominated Adviser and Joint Bookrunner)   +44 (0)20 7397 8900

 Derrick Lee, Adam Rae (Corporate Finance)

 Leif Powis (ECM)

 Peel Hunt LLP (Joint Bookrunner)

 Richard Crichton, David McKeown                                  +44 (0) 20 7894 7000

 Jock Maxwell Macdonald, Sohail Akbar

 Celicourt Communications (Financial PR)                          +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

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 focussed on the Anchois development project,
located in the Lixus licence, offshore Morocco. The Anchois development is a
significant gas discovery, located in a fast-growing economy on the doorstep
of Europe, with a clear route to near-term monetisation, delivery of free
cashflow and material exploration upside.

 

Chariot Transitional Power is 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 has also partnered with
the Government of Mauritania for the potential development of a large-scale
green hydrogen project.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

Forward-Looking Statements

This announcement contains forward-looking statements. These statements relate
to the Chariot Group's future prospects, developments and business strategies.
Forward-looking statements are identified by their use of terms and phrases
such as "potential", "estimate", "expect", "may", "will" or the negative of
such terms and phrases, variations or comparable expressions, including
references to assumptions. The forward-looking statements in this announcement
are based on current expectations and are subject to risks and uncertainties
that could cause actual results to differ materially from those expressed or
implied by those statements. These forward-looking statements speak only as at
the date of this announcement. No statement in this announcement is intended
to constitute a profit forecast or profit estimate for any period. Neither the
Directors nor the Company undertake any obligation to update forward-looking
statements other than as required by the AIM Rules or by the rules of any
other securities regulatory authority, whether as a result of new information,
future events or otherwise.

 

Market Abuse Regulation

 

Market soundings, as defined in MAR, were taken in respect of the Placing,
with the result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this announcement and
has been disclosed as soon as possible in accordance with paragraph 7 of
article 17 of MAR. Therefore, those persons that received inside information
in a market sounding are no longer in possession of inside information
relating to the Company and its securities.

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