Business
Placing and Subscription
Placing and Subscription.
About this update from Sunda Energy Plc
[{"type":"text","content":"\n \nRNS Number : 5974B Baron Oil PLC 10 June 2019 \n\nMarket Abuse Regulation (MAR) Disclosure\nCertain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.\n \n10 June 2019\n \nBaron Oil Plc\n(\"Baron\" or \"the Company\")\n \nPlacing and Subscription\n \nBaron Oil Plc (AIM: BOIL), the AIM-listed oil and gas exploration and production company, is pleased to announce that it has conditionally raised £440,000 by way of a placing of 550,000,000 new ordinary shares with new investors at an issue price of 0.08 pence per new ordinary share (the \"Placing\") through Turner Pope Investments (TPI) Limited as the Company's Placing Agent. The Placing has used the full dis-application authority available to the Company. The Placing is conditional on admission of the new ordinary shares to trading on AIM (\"Admission\").\nFollowing Admission, the enlarged issued share capital of the Company will comprise 1,926,409,576 Ordinary Shares of 0.025 pence each. Once issued, the new ordinary shares will rank pari passu with the Company's existing ordinary shares. Application will be made for the new ordinary shares to be admitted to trading on AIM which is expected to become effective at 8:00 a.m. on 13 June 2019.\nThe Board is aware that the Placing is dilutive to existing shareholders and considered whether any pre-emptive offering might be possible but concluded that it was neither practicable nor cost effective to do so. The issue price represents a discount of approximately 40% percent to the closing mid-market price of 0.135p per share on 7 June 2019, the last practicable date before proceeding with the Placing, but a discount of 27% to the share price on 6 June 2019, when the issue was priced. The new ordinary shares will represent approximately 28% of the enlarged share capital of the Company.\nIn addition to its working capital requirements, the proceeds of the Placing will be used to continue to evaluate the existing portfolio of oil and gas assets which includes the Colter South discovery, the Purbeck Prospect and the new licences offered to Baron in the Moray Firth. In parallel, the Company is also working to progress further drilling activity in...