Issue of Equity
31/08/2023 10:37
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RNS Number : 9663K Global Petroleum Ltd 31 August 2023
31 August 2023
The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulation
(EU) No. 596/2014 as it forms part of UK domestic law by virtue of the
European Union (Withdrawal) Act 2018 ('MAR'). Upon the publication of this
announcement via a Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.
Global Petroleum Limited
("Global" or "the Company")
Placing to raise £0.25 million.
Global Petroleum Limited (AIM: GBP) is pleased to announce that it has
successfully raised £250,000 in aggregate before costs (the "Placing"),
through the Placing of 250,000,000 Ordinary Shares (the "Placing Shares") at a
Placing Price of 0.1 pence per share. The Placing Price is equivalent to a
discount of 37.5% to the closing price of the Company's shares on the AIM
market of the London Stock Exchange on 30 August 2023, being the latest
practicable date prior to this announcement.
As a further component of the Placing, 250,000,000 Warrants are also being
issued at an exercise price of 0.1 pence per share for a period of 3 years (1
Warrant for every 1 new Ordinary Shares issued under the Placing). In the
event the Warrants are exercised in due course in full, associated proceeds
would be £250,000 with the result that the Company would have raised
aggregate gross proceeds of £500,000 at a weighted average price of 0.1 pence
per share.
CMC Markets ("CMC"), the Company's Joint Broker, acted as sole broker in
respect of the Placing.
Rationale for the Placing
Proceeds of the Placing will be used for further technical work in relation to
PEL 94, as previously communicated to the market, as well as providing general
working capital.
On 14 August 2023 Global announced that the Namibian Ministry of Mines and
Energy had given approval for the Company and its partners to proceed to the
First Renewal Period ("FRP") of Walvis Basin licence PEL 94, with a duration
of two years from September 2023 to September 2025.
Admission of and Dealings in the Placing Shares
Application will be made to AIM for the Placing Shares, which will rank pari
passu with existing Ordinary Shares, to be admitted to trading on AIM
("Admission"). Dealings are expected to commence on 6 September 2023 at 8.00
a.m.
Following Admission, the total issued share capital of the Company will be
1,290,113,244 Ordinary Shares. Accordingly, the figure of 1,290,113,244 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 a change
to, their interest in the Company under the FCA's Disclosure Guidance and
Transparency Rules.
For further information please visit: www.globalpetroleum.com.au
(http://www.globalpetroleum.com.au) or contact:
Global Petroleum Limited +44 (0) 20 3 875 9255
Peter Hill, Managing Director & CEO
Andrew Draffin, Company Secretary
Panmure Gordon (UK) Limited (Nominated Adviser & Joint Broker) +44 (0) 20 7886 2500
John Prior / Freddie Twist
Corporate Broking: Hugh Rich
CMC Markets (Joint Broker) +44 (0) 20 7170 8200
Tom Curran / Thomas Smith
Tavistock (Financial PR & IR) +44 (0) 20 7920 3150
Simon Hudson / Nick Elwes
This announcement (the "Announcement") has been issued by and is the sole
responsibility of the Company.
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