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Issue of Equity
Issue of Equity.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n31 August 2023\n \nThe 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.\n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nPlacing to raise £0.25 million.\n \nGlobal 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.\n \nAs 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.\n \nCMC Markets (\"CMC\"), the Company's Joint Broker, acted as sole broker in respect of the Placing.\n \nRationale for the Placing\nProceeds 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.\n \nOn 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.\n \nAdmission of and Dealings in the Placing Shares\nApplication 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\")...