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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 (£3.2 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 +44 (0)20 7318 0450
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO
Cenkos Securities Plc (Nomad and Joint Broker) +44 (0)20 7397 8900
Derrick Lee, Adam Rae (Corporate Finance)
Leif Powis (ECM) +44 (0) 20 7894 7000
Peel Hunt LLP (Joint Broker)
Richard Crichton, David McKeown
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 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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