TIDMCHAR
RNS Number : 5699F
Chariot Limited
11 July 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, ARE
RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED
STATES, CANADA, JAPAN, RUSSIA, AUSTRALIA, THE REPUBLIC OF SOUTH
AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION.
PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS
ANNOUNCEMENT.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN
ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS
RETAINED AND APPLICABLE IN THE UK PURSUANT TO S3 OF THE EUROPEAN
UNION (WITHDRAWAL) ACT 2018 (AS AMENDED). UPON THE PUBLICATION OF
THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE
IN THE PUBLIC DOMAIN.
TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN
TO THEM IN THE COMPANY'S ANNOUNCEMENT RELEASED AT 4.32 P.M. ON 10
JULY 2023.
Chariot Limited
("Chariot", the "Company" or the "Group")
11 July 2023
Result of Oversubscribed Placing and Subscription
Chariot (AIM: CHAR), the African focused transitional energy
company, is pleased to announce that further to the Company's
announcement released at 4.32 p.m. on 10 July 2023 (the "Launch
Announcement"), the accelerated bookbuild has closed and the
Company has conditionally raised net proceeds of US$15.0 million
(GBP11.7 million), comprising gross proceeds of US$16.1 million
(GBP12.5 million) less expenses, through the successful Placing of,
and Subscription for 89,631,143 New Ordinary Shares, in each case
at the Issue Price of 14 pence per Ordinary Share.
In addition to the Placing and Subscription, and as set out in
the Launch Announcement, the Company proposes to raise up to a
further US$3 million (GBP2.3 million) by the issue of New Ordinary
Shares pursuant to an Open Offer to Qualifying Shareholders at the
Issue Price on the basis of 1 Open Offer Share for every 58
Existing Ordinary Shares held on the Record Date. Qualifying
Shareholders subscribing for their full entitlement under the Open
Offer may also request additional Open Offer Shares through the
Excess Application Facility. Details of the Open Offer and the
action to be taken by Qualifying Shareholders to subscribe for
Ordinary Shares under the Open Offer will be set out in the
Circular, which will be sent to Shareholders on 13 July 2023.
The Placing Shares and Subscription Shares represent in
aggregate 9.3 per cent. of the Company's Existing Ordinary Shares.
The Issue Price of 14 pence per New Ordinary Share represents a
discount of approximately 10% to the closing mid-market price of
15.6 pence per Ordinary Share on 7 July 2023, being the last
trading day immediately preceding the date of the Launch
Announcement.
The net proceeds of the Fundraise will be used as follows:
-- For near term onshore drilling and development planning on a
new onshore Moroccan Licence, expected to be awarded imminently;
and
-- New ventures and working capital.
The Company continues to make good progress on its partnership
process for Anchois, with the fundraise providing an improved
financial position ahead of finalising negotiations.
Commenting on the Fundraising, Adonis Pouroulis, CEO of Chariot,
said:
"We are pleased to announce the successful completion of our
oversubscribed Placing and Subscription, subject to shareholder
approval at the upcoming General Meeting. I would like to thank all
our existing and new shareholders for supporting this raise and we
welcome the participation of our retail investors through the Open
Offer. We look forward to reporting on our drilling programme on
the new onshore Moroccan licence, to be awarded, as well as our
partnering process, other offshore activities and further value
generative corporate developments over the rest of 2023 and
beyond."
Posting of Circular and General Meeting
The Placing, the Subscription and the Open Offer are each
conditional, inter alia, upon the passing of the Resolutions by
Shareholders at the General Meeting, to be held at the offices of
Memery Crystal at 165 Fleet Street, London, EC4A 2DY on 2 August
2023 at 11.00 a.m.
The Company will post a Circular to Shareholders on 13 July
2023, containing a Notice of General Meeting, proxy form and full
details of the Open Offer including (where applicable) the Open
Offer application form. The Circular will also be available on the
Company's website.
Enquiries:
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
Cenkos Securities Plc (Nomad and Joint Bookrunner)
Derrick Lee, Adam Rae (Corporate Finance)
Leif Powis (ECM)
Stifel Nicolaus Europe Ltd (Joint Bookrunner) +44 (0)20 7397 8900
Callum Stewart, Jason Grossman, Ashton Clanfield +44 (0) 20 7710 7760
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea +44 (0)20 7770 6424
NOTES FOR EDITORS:
About Chariot
Chariot is an African focused transitional energy group with
three business streams, Transitional Gas, Transitional Power and
Green Hydrogen.
Chariot Transitional Gas is focused on a high value, low risk
gas development project offshore Morocco in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free
cashflow and material exploration upside.
Chariot Transitional Power is focused on providing competitive,
sustainable and reliable energy and water solutions across the
continent through building, generating and trading renewable
power.
Chariot Green Hydrogen is partnering with Total Eren and the
Government of Mauritania on the potential development of a 10GW
green hydrogen project, named Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on AIM under the symbol 'CHAR'.
This Announcement is not for publication or distribution,
directly or indirectly, in or into the United States of America.
This Announcement is not an offer of securities for sale into the
United States. The securities referred to herein have not been and
will not be registered under the U.S. Securities Act of 1933, as
amended, and may not be offered or sold in the United States,
except pursuant to an applicable exemption from registration. No
public offering of securities is being made in the United
States.
Forward-Looking Statements
This announcement contains forward-looking statements. These
statements relate to the Chariot Group's future prospects,
developments and business strategies. Forward-looking statements
are identified by their use of terms and phrases such as
"potential", "estimate", "expect", "may", "will" or the negative of
such terms and phrases, variations or comparable expressions,
including references to assumptions. The forward-looking statements
in this announcement are based on current expectations and are
subject to risks and uncertainties that could cause actual results
to differ materially from those expressed or implied by those
statements. These forward-looking statements speak only as at the
date of this announcement. No statement in this announcement is
intended to constitute a profit forecast or profit estimate for any
period. Neither the Directors nor the Company undertake any
obligation to update forward-looking statements other than as
required by the AIM Rules or by the rules of any other securities
regulatory authority, whether as a result of new information,
future events or otherwise.
Market Abuse Regulation
Market soundings, as defined in MAR, were taken in respect of
the Placing, with the result that certain persons became aware of
inside information, as permitted by MAR. That inside information is
set out in this announcement and has been disclosed as soon as
possible in accordance with paragraph 7 of article 17 of MAR.
Therefore, those persons that received inside information in a
market sounding are no longer in possession of inside information
relating to the Company and its securities.
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END
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July 11, 2023 02:00 ET (06:00 GMT)
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