Baron Oil plc (LON:BOIL), the AIM-quoted oil and gas exploration and appraisal company, has confirmed, further to the announcements made on 15 February 2024, the result of its Fundraise at the Issue Price of 0.05 pence per share. The Company announces that it has raised aggregate gross proceeds of approximately £0.26 million pursuant to the WRAP Retail Offer, alongside the previously announced Placing and Subscription. Accordingly, the Company will issue a total of 528,023,360 new Ordinary Shares at the Issue Price pursuant to the WRAP Retail Offer.
In total, the Placing and Subscription and the WRAP Retail Offer have raised gross proceeds of approximately £3.26 million for the Company, via the Placing and Subscription of 6,000,000,000 Placing and Subscription Shares and the 528,023,360 WRAP Retail Offer Shares.
Admission and Total Voting Rights
Application will be made for the Placing and Subscription Shares and the WRAP Retail Offer Shares to be admitted to trading on AIM and the date on which Admission is expected to become effective is on or around 29 February 2024.
Upon Admission, the Company’s issued ordinary share capital will consist of 25,510,783,788 Ordinary Shares with one voting right each. Baron Oil does not hold any Ordinary Shares in treasury. Therefore, from Admission the total number of Ordinary Shares and voting rights in the Company will be 25,510,783,788. With effect from Admission, this figure may be used by Shareholders in the Company 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.
The new Ordinary Shares to be issued pursuant to the WRAP Retail Offer will be issued free of all liens, charges and encumbrances and will, on Admission, rank pari passu in all respects with the new Ordinary Shares to be issued pursuant to the Placing, the Subscription and the Company’s existing Ordinary Shares.
Terms used but not defined in this announcement have the same meaning as set out in the Company’s announcement released at 5 p.m. on 15 February 2024.
