Business
Posting of Circular
Posting of Circular.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 7558G Chariot Oil & Gas Ld 06 March 2018 \n\n \nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION, OR DISTRIBUTION IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN\n \nChariot Oil & Gas Limited (\"Chariot\" or the \"Company\")\n6 March 2018\n \nPosting of Circular, Details of Open Offer, and Notice of General Meeting\n \nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, is pleased to confirm that, further to the Company's announcement on 27 February 2018, a circular containing details of the Placing and Open Offer, together with the Notice of General Meeting (the \"Circular\"), has today been posted to Shareholders. A copy of the Circular will be available shortly on the Company's website (www.chariotoilandgas.com).\nThe Company announced on 27 February 2018 that it had conditionally raised total gross proceeds of approximately US$15 million (£10.7 million) by the conditional placing of 82,582,747 New Ordinary Shares (the \"Placing\") at an issue price of 13 pence per New Ordinary Share (the \"Issue Price\"). Furthermore, it proposed to raise up to a further €5.0 million (£4.4 million) by the issue of up to a further 33,609,150 New Ordinary Shares pursuant to an Open Offer (the \"Open Offer\") to Qualifying Shareholders at the Issue Price. \nThe Fundraising has been undertaken to deliver a two-well programme within the near term comprising the drilling of Prospect S in Namibia, in addition to the carried drilling of the RD-1 well in Morocco by Eni, with success in either of these wells being potentially transformational for Chariot.\nOpen Offer\nThe Board is grateful for the continued support of all shareholders, and is pleased to offer existing shareholders the opportunity to participate in the Fundraising through the Open Offer at the same price at which institutional investors are participating in the Placing.\nQualifying Shareholders may subscribe for Open Offer Shares on the basis of:\n1 Open Offer Share for every 8 Existing Ordinary Shares\nheld at 5.30 p.m. on the Record Date, being 2 March 2018. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additi...