Result of Oversubscribed Open Offer
22 December 2021
("Chariot", the "Company" or the "Group")
Result of Oversubscribed Open Offer, Issue of Shares and Total Voting Rights
Chariot (AIM: CHAR), the African focused transitional energy company, announces the result of its Open Offer and issuance of new Ordinary Shares pursuant to the Fundraising announced on 2 December 2021.
Result of Open Offer
The Company is pleased to announce that the Open Offer was significantly oversubscribed with valid acceptances received in respect of 29,320,337 Open Offer Shares, representing a take-up of over 138 per cent of the 21,224,102 available Open Offer Shares.
All Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Basic Entitlement. Applications for Open Offer Shares under the Excess Application Facility will be scaled back as outlined in the Circular on a pro-rata basis, with the same scaling methodology to be applied to each shareholder who applied for Excess Entitlements. Accordingly, the Open Offer has raised total gross proceeds of approximately US$2.0 million (£1.5 million).
The Company has applied for admission of the Open Offer Shares to trading on AIM. Admission will occur at 8.00a.m. on Thursday, 23 December 2021. On Admission, the Company will have 759,587,023 Ordinary Shares in issue and there are no shares held in treasury. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
Capitalised terms in this announcement shall have the same meaning ascribed in the announcement made on 2 December 2021 unless the context requires otherwise.
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO
+44 (0)20 7318 0450
finnCap (Nominated Adviser)
Christopher Raggett, Simon Hicks, Edward Whiley
+44 (0)20 7220 0500
Cenkos Securities Plc (Bookrunner)
Derrick Lee, Neil McDonald, Adam Rae (Corporate Finance)
Leif Powis (ECM)
+44 (0)20 7397 8900
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea
+44 (0)20 8434 2754
NOTES FOR EDITORS:
Chariot is an African focused transitional energy group with two business streams, Transitional Gas and Power.
Chariot Transitional Gas is a high value, low risk gas development project with strong ESG credentials in a fast-growing emerging economy with a clear route to early monetisation, delivery of free cashflow and material exploration upside. Chariot Transitional Power, looking to transform the energy market for mining operations in Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power. Additionally in September 2021, Chariot announced its partnership with the Government of Mauritania for the potential development of a large-scale green hydrogen project.
The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'.