REG - Chariot Limited - Result of Significantly Oversubscribed Open Offer

ChariotAnnouncement

12/08/2024 07:00

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RNS Number : 9848Z  Chariot Limited  12 August 2024

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NOTICES AT THE END OF THIS ANNOUNCEMENT.

 

Chariot Limited

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

 

12 August 2024

Result of Significantly Oversubscribed Open Offer

 

Chariot (AIM: CHAR), the African focused transitional energy company, today
announces the result of its Open Offer pursuant to the Fundraising announced
on 19 July 2024.

 

The Company is pleased to announce that it has received valid acceptances from
Qualifying Shareholders in respect of 46,219,913 Open Offer Shares,
representing a take-up of over 197 per cent of the 23,351,720 Open Offer
Shares available.

 

All Qualifying Shareholders who have validly applied for Open Offer Shares
will receive their full Basic Entitlement Applications, with any Excess
Entitlement Application scaled back so that the total number of shares issued
is 23,351,720. Accordingly, the Open Offer has conditionally raised total
gross proceeds of approximately US$2 million (£1.5 million).

 

The issuance of the Open Offer Shares is subject to and conditional on the
passing of the Resolutions at the General Meeting to be held on 13 August
2024.

 

Julian Maurice-Williams, CFO of Chariot, commented:

 

"We are grateful to our shareholders for their considerable support, which has
enabled Chariot to deliver a further $2 million via this significantly
oversubscribed Open Offer, bringing the total fundraise to $9 million gross.
This is an exciting period for the Company, and we look forward to updating
all our stakeholders on the imminent drilling campaign at Anchois, alongside
progress across the wider Group, over the coming months."

 

Capitalised terms in this announcement shall have the same meaning as in the
announcement made by the Company on 19 July 2024 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 (as amended).

 

Enquiries:

 Chariot Limited                                                  +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Bookrunner)   +44 (0)20 7397 8900

 Derrick Lee, Adam Rae (Corporate Finance)

 Leif Powis (ECM)

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

 Callum Stewart, Ashton Clanfield, Jason Grossman

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

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

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

 

Chariot Transitional Gas is focused on high value, low risk gas development
projects in Morocco, a fast-growing emerging economy, with a clear route to
early monetisation, delivery of free cash flow 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 TEH2 (80% owned by TotalEnergies,
20% by the EREN Group) and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, Project Nour in Mauritania, and
is progressing pilot projects in Morocco.

 

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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