Business
Corallian Energy Limited Update
Corallian Energy Limited Update.
About this update from Reabold Resources Plc
[{"type":"text","content":"\n \nRNS Number : 2808H Reabold Resources PLC 31 July 2019 \n\n31 July 2019\n \nReabold Resources Plc\n \n(\"Reabold\" or the \"Company\")\n \nCorallian Energy Limited Update\n \n \nReabold, the AIM investing company which focusses on investments in pre-cash flow upstream oil and gas projects, is pleased to provide the following update on Corallian Energy Limited (\"Corallian\").\n \nHighlights:\n \n· Corallian completes an equity fundraise of £1,225,000 at £2.20 per share (the \"Round 6 Fundraise\") - a significant premium to Corallian's previous fundraise which was priced at £1.50 per share\n· Reabold increases its equity interest in Corallian to 34.9 per cent.\n· Corallian increases its interest in licences in the Wessex Basin, including Colter South, and in the Inner Moray Firth\n· Curlew-A progressing to drilling, expected to be H1 2020 subject to completion of a farmout\n \nCorallian has completed an equity fundraise, raising £1,225,000 at £2.20 per share with a new shareholder. Completion of the Round 6 Fundraise has also enabled Corallian to allot the shares related to the Advanced Subscription Agreements that it executed with its existing shareholders in December 2018 and February 2019.\n \nReabold subscribed for shares under the Advanced Subscription Agreements for £750,000, as announced on 25 February 2019, and for £300,000, as announced on 11 December 2018 (together, the \"Advanced Subscriptions\"). Pursuant to the terms of the Advanced Subscriptions, new shares in Corallian were to be allotted at a 30% discount to shares issued in connection with the Round 6 Fundraise. Accordingly, Reabold has been allotted 681,818 new Corallian shares at £1.54 per share, taking the Company's interest in Corallian to 34.9 per cent. from 32.9 per cent.\n \nA portion of the net proceeds from the Round 6 Fundraise have been utilised by Corallian to acquire Corfe Energy Limited's (\"Corfe\") interests in licences in which they were a JV partner with Corallian. Such interests comprise four licences in the Wessex Basin, which includes the licence containing Colter South, and the Inner Moray Firth, including three new licences offered in these areas in the 31st Licensin...