Business
Placing and subscription to raise c.£727,000
Placing and subscription to raise c.£727,000.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 2812U Cluff Natural Resources plc 06 April 2016 \n\nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n \n6 April 2016\n \nCluff Natural Resources Plc ('CLNR' or 'the Company')\n \nPlacing and subscription to raise c.£727,000\n \nCluff Natural Resources Plc, the AIM quoted natural resources investing company, is pleased to announce that it has conditionally raised approximately £727,000, before expenses, through the aggregate placing and subscription of 58,171,200 new ordinary shares of 0.5 pence each (\"Placing Shares\") at 1.25 pence per share (the \"Placing\") with a range of new and existing institutional and private investors.\n \nIt is intended that the Placing will be conducted in two stages, with 14,920,000 Placing Shares being placed using the Directors' existing authority to allot shares for cash on a non-pre-emptive basis (the \"First Placing Shares\"), and 43,251,200 Placing Shares (the \"Second Placing Shares\") being placed conditionally upon, amongst other things, shareholders passing the resolution to be proposed at a general meeting of the Company to be held at 11.00 a.m. on 25 April 2016 (the \"General Meeting\"). A circular (the \"Circular\"), containing information in relation to the Placing and convening the General Meeting, is expected to be sent to shareholders today. The Circular will be available on the Company's website at www.cluffnaturalresources.com in due course.\n \nThe Directors expect that the Placing will fund the Company through to the end of FY 2016 and the net proceeds to be utilised to carry out further geological and technical work to enhance the Company's existing portfolio of Southern North Sea gas licences, to attract investment/strategic partners to enable drilling of exploration and appraisal wells and to apply for additional licences in the UK's 29th licencing round which is due to be announced shortly.\n \nThe net proceeds are also anticipated to help support the Company in identifying and exploiting current market opportunities to create a balanced portfolio of oil and gas licences through the acquisition of additional North Sea licences, in line with its investing policy. \n \nAs announced on 23 March 2016, CLNR has already signed Heads of Terms with Verus Petroleum (CNS) Limited an...