Business
Placing to raise £1m
Placing to raise £1m.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n \n \n \n RNS Number : 3733I\n Global Petroleum Ltd\n 12 August 2021\n \n \n \n 12 August 2021\n \n The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('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 \n Global Petroleum Limited\n (\"Global\" or \"the Company\")\n \n Placing to raise £1 million\n \n Global Petroleum Limited (AIM: GBP) is pleased to announce that it has successfully raised £1,000,000 in aggregate before costs (the \"Placing\"), through the Placing of 200,000,000 Ordinary Shares (the \"Placing Shares\") at a Placing Price of 0.5 pence per share.\n \n \n \n \n As a further component of the Placing, 100,000,000 Warrants are also being issued at an exercise price of 1 pence per share for a period of 2 years (one Warrant for every two new Ordinary Shares). In the event the Warrants are exercised in due course in full, associated proceeds will be £1,000,000 with the result that the Company will have raised gross proceeds of £2,000,000 at a weighted average price of 0.67 pence per share.\n \n \n Monecor (London) Ltd, trading as ETX Capital (\"ETX Capital\"), the Company's Joint Broker, acted as sole broker in respect of the Placing.\n \n Rationale for the Placing\n In January 2021 the Company announced its updated Prospective Resources on its Namibian licence PEL0094. The inclusion of seven new leads, in addition to the Marula and Welwitschia Deep prospects, resulted in a threefold increase to 2,284 million barrels of Best Estimate (P50) Prospective Resources of oil net to Global, confirming the Company's view that the acreage is highly prospective.\n \n The Company completed some time ago its work commitments under the current licence sub-period, which expires in September 2021. Having done so, the Company announced on 10 August 2021 that the Ministry of Mines and Energy (\"Ministry\") had agreed to Global's proposal to enter into the next licence sub-period, from September 2021 to September 2022. The work commitment for the next sub-period is to acquire and process 2,000 square kilometres of 3D seismic data, a commitment wh...