Wildcat Petroleum plc (LON:WCAT), a company targeting investment opportunities in business and assets within the upstream sector of the petroleum industry, has announced the placing of 375,000,000 new ordinary shares at a price of 0.12p raising, £450,000, (£393,750, net of expenses). The new Ordinary Shares will rank pari passu with the Company’s existing issued Ordinary Shares. The Company intends to allot and issue these new ordinary shares under its existing authorities on a non pre-emptive basis.
The Company will be making its application to admit the new ordinary shares to the Official List of the FCA and to trading on the Main Market (Standard List) of the LSE. Admission is expected to occur on 30 October 2023.
Conditional on Admission, the Company’s issued ordinary share capital will be 2,803,040,000 Ordinary Shares, which 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 share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Mandhir Singh, Chairman of Wildcat Petroleum, commented:
“The Company is delighted to have raised additional funds in difficult market conditions. These net proceeds of the over-subscribed placing will be used to strengthen the balance sheet and provide the Company with sufficient working capital whilst it works towards a production sharing agreement with the Sudanese government.
