Business
£350,000 equity financing & Update of 33rd Round
£350,000 equity financing & Update of 33rd Round.
About this update from Orcadian Energy Plc
[{"type":"text","content":"\n\n \n \n\n \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 PURSUANT TO THE EUROPEAN UNION (WITHDRAWAL) ACT 2018, AS AMENDED. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n02 October 2023\nOrcadian Energy plc\n(\"Orcadian Energy\", \"Orcadian\" or the \"Company\")\n \n £350,000 equity financing\nUpdate of 33rd Licencing Round\n \nOrcadian is pleased to announce that it has today raised gross proceeds of £350,000 through the issue of 2,916,666 new ordinary shares of the Company (the \"New Ordinary Shares\") at a price per New Ordinary Share of £0.12. These funds are raised as part of a direct subscription with the Company with new investors. The subscription price represents a discount of approximately 14% to the closing mid-price of an ordinary share in the Company on 29 September 2023, being the latest practicable day prior to the publication of this announcement.\nThe proceeds will be applied to ongoing working capital, the costs involved in the progressing the proposed farm-in agreements as announced on 18 September 2023 and the repayment of certain creditors. The Company will need to raise further funds in the near term to continue to progress its activities and further updates will be provided in due course.\n \nApplication will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM, and it is expected that dealings in the New Ordinary Shares will commence on or around 5 October 2023. The New Ordinary Shares will be issued fully paid and will rank pari passu to the Company's existing ordinary shares.\n \nImmediately following Admission, the Company's issued share capital will be 75,428,983 Ordinary Shares, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The total voting rights figure immediately following Admission, of 75,428,983 may be used by shareholders (and others with notification obligations) as the denominator for the calculations by which they will determine whether they are required to ...