Business
Result of oversubscribed Fundraise to raise £4.3m
Result of oversubscribed Fundraise to raise £4.3m.
About this update from Beacon Energy Plc
[{"type":"text","content":"\n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.\nThis Announcement does not constitute a prospectus or offering memorandum or an offer in respect of any securities and is not intended to provide the basis for any investment decision in respect of Beacon Energy plc or other evaluation of any securities of Beacon Energy plc or any other entity and should not be considered as a recommendation that any investor should purchase any such securities.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 AS AMENDED BY VIRTUE OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019 (\"UK MAR\"). UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n15 September 2023\nBeacon Energy plc\n \n(\"Beacon Energy\" or the \"Company\")\n \nResult of oversubscribed Fundraise to raise £4.3 million\n \nBeacon Energy plc (AIM:BCE), the full-cycle oil and gas company with a portfolio of production, development, appraisal and exploration onshore German assets through its wholly-owned subsidiary, Rhein Petroleum GmbH, is pleased to announce, further to its announcement of 14 September 2023, that it has successfully completed its oversubscribed Placing with new and existing institutional investors and PrimaryBid Offer, which have now closed. The Company has raised, in aggregate, approximately £4.3 million (before expenses) via the issue of 2,667,000,000 Placing Shares and 200,000,000 PrimaryBid Shares at the Issue Price (together, the \"Fundraise Shares\"). \n \nThe Placing was undertaken through an accelerated bookbuilding process managed by Tennyson Securities. \n \nLarry Bottomley, CEO of Beacon Energy, commented: \n\"We are delighted to have received such strong support in this process from both existing and new investors. The Fundraise was significantly oversubscribed, bringing a number of new high quality instituti...