Business
Placing and Subscription to raise £2 million
Placing and Subscription to raise £2 million.
About this update from Deltic Energy Plc
[{"type":"text","content":"\n \nRNS Number : 6787S Cluff Natural Resources plc 27 June 2018 \n\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 (\"MAR\"). IN ADDITION, MARKET SOUNDINGS WERE TAKEN IN RESPECT OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.\n \n27 June 2018\n \nCluff Natural Resources Plc / Index: AIM / Epic: CLNR / Sector: Natural Resources\n \nCluff Natural Resources Plc \n('CNR' or 'the Company')\n \nPlacing and Subscription to raise £2 million\n \nCluff Natural Resources Plc, the AIM quoted natural resources investing company with a high impact exploration and appraisal portfolio focused on the Southern North Sea gas basin, is pleased to announce a placing (the \"Placing\") and subscription (the \"Subscription\") (together the \"Placing and Subscription\") of a total of 95,238,090 new ordinary shares to raise a total of £2 million (before expenses). All new ordinary shares are to be issued at a price of 2.1 pence per new ordinary share (the \"Placing and Subscription Price\"). \n \nUse of proceeds\n \nFollowing the highly successful outcome from the Company's applications in the UK's 30th Offshore Licensing Round, culminating in the provisional award of 10 blocks in the Southern and Central North Sea, containing both oil and gas prospects, the Company has decided to raise additional funds to accelerate the evaluation and development of the Company's enlarged portfolio of assets. \n \nIn addition to providing general working capital, the proceeds of the Placing and Subscription will be principally used to:\n \n• accelerate the technical and commercial evaluation of the additional Central and Southern North Sea oil and gas licences awarded in the 30th Offshore Licensing Round and determine future drilling opportunities;\n• continue the process of seeking to secure farm-in partner(s) and/or strategic investors to fund drilling on the Company's existing licences P2248 and P2252; and\n• continue planning for a prospective multi-well drill...