REG - Clontarf Energy PLC - Placing to raise £3,500,000

Clontarf EnergyAnnouncement

27/04/2022 13:15

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RNS Number : 5670J  Clontarf Energy PLC  27 April 2022

 

27th April 2022

Clontarf Energy plc

("Clontarf" or "the Company")

 

Placing to raise £3,500,000

 

 

The Directors of Clontarf (AIM: CLON) are pleased to announce that the Company
has raised £3,500,000 (before expenses) via the placing of 1,400,000,000
ordinary shares (the "Placing Shares") with new investors, via several
Australian based brokers, at a price of 0.25p per Placing Share (the
"Placing").  The Placing Shares represent approximately 61.65% of the
Company's issued share capital as enlarged by the Placing.

 

The net proceeds of the Placing will fund costs associated with the Company's
existing assets and will also provide the Company with additional working
capital, as the Company's board continues to assess new projects. In this
regard, the Company has been evaluating a number of different projects across
various jurisdictions, in particular advanced gas exploration prospects in
Australia.

 

The Placing shares will rank pari passu with the Company's existing ordinary
shares of 0.25p each (the "Ordinary Shares").  Application will be made for
the Placing Shares to be admitted to trading on AIM ("Admission") and it is
expected that such Admission will become effective on or around 4(th) May
2022.

 

David Horgan, Chairman commented,

 

"In recent months we have been actively reviewing a series of oil and gas
proposals including undertaking preliminary due diligence on some, only to
discard them. We are currently at an advanced stage in examining late stage
gas exploration prospects in Australia and I look forward to providing further
updates on this as and when appropriate.

 

New exploration requires investment. The current capital raise from a number
of brokers will provide the necessary funding to participate in new
exploration ventures."

 

Admission and TVR

 

Following the Admission of the Placing Shares, there will be a total of
2,270,826,117 Ordinary Shares in issue with each share carrying the right of
one vote.  The above figure may be used by shareholders as the denominator
for the calculations by which they will determine if they are required to
notify their interest in, or change to their interest in, the Company under
the FCA's Disclosure Guidance and Transparency Rules.

 

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) 596/2014.

 

Ends

 

 

For further information please visit http://clontarfenergy.com
(http://clontarfenergy.com)  or contact:

 

 Clontarf Energy                    +353 (0) 1 833 2833

 David Horgan, Chairman

 John Teeling, Director

 Nominated & Financial Adviser      +44 (0) 20 7409 3494

 Strand Hanson Limited

 Rory Murphy

 Ritchie Balmer

 Broker                                     +44 (0) 207 399 9400

 Novum Securities Limited

 Colin Rowbury

 BlytheRay - PR                     +44 (0) 207 138 3206

Megan Ray

                                  +44 (0) 207 138 3553

 Teneo

 Luke Hogg      +353 (0) 1 661 4055

 Alan Tyrrell   +353 (0) 1 661 4055

 Ciara Wylie

 

 

 

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