REG - Chariot Limited - Result of Significantly Oversubscribed Open Offer

ChariotAnnouncement

01/08/2023 09:00

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RNS Number : 8869H  Chariot Limited  01 August 2023

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO
THE UNITED STATES, CANADA OR JAPAN.

 

 

1 August 2023

 

Chariot Limited

("Chariot", the "Company")

 

Result of Significantly Oversubscribed Open Offer

 

Chariot (AIM: CHAR), the Africa focused transitional energy group, today
announces the result of its Open Offer pursuant to the Fundraising announced
on 10 July 2023.

 

The Company is pleased to announce that it has received valid acceptances from
Qualifying Shareholders in respect of 33,143,649 Open Offer Shares,
representing a take-up of over 199 per cent. of the 16,615,421 Open Offer
Shares available.

 

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$3million (£2.3million).

 

The issuance of the Open Offer Shares is subject to and conditional on the
passing of the Fundraise Resolutions at the General Meeting to be held on 2
August 2023.

 

Julian Maurice-Williams, CFO of Chariot commented:

 

"We are pleased to again have received the support of our shareholders in such
a convincing manner and to have raised a further $3 million via this
significantly oversubscribed Open Offer which brings the total fundraise to
$19 million. Further to signing the Loukos licence as announced this morning,
we look forward to moving forward with our drilling plans and into a busy
period for the Company over the coming months."

 

Capitalised terms in this announcement shall have the same meaning as in the
announcement made by the Company on 10 July 2023 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, CEO

 Julian Maurice-Williams, CFO

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

 Derrick Lee, Adam Rae (Corporate Finance)

 Leif Powis (ECM)

 Stifel Nicolaus Europe Ltd (Joint Bookrunner)        +44 (0) 20 7710 7760

 Callum Stewart, Jason Grossman, Ashton Clanfield

 Celicourt Communications (Financial PR)              +44 (0)20 7770 6424

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an African focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on a high value, low risk gas development
project offshore Morocco in a fast-growing emerging economy with a clear route
to early monetisation, delivery of free cashflow and material exploration
upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with Total Eren and the Government of
Mauritania on the potential development of a 10GW green hydrogen project,
named Project Nour.

 

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

 

This announcement is not for publication or distribution, directly or
indirectly, in or into the United States of America.  This announcement is
not an offer of securities for sale into the United States.  The securities
referred to herein have not been and will not be registered under the U.S.
Securities Act of 1933, as amended, and may not be offered or sold in the
United States, except pursuant to an applicable exemption from registration.
No public offering of securities is being made in the United States.

 

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