Baron Oil Plc (AIM:BOIL), the AIM-listed oil and gas exploration and production company focused on opportunities in SE Asia, Latin America and the UK, is pleased to announce that all resolutions were duly passed at its General Meeting held earlier today.
As a result, the Company has concluded the raise of £2.5 million (gross) by way of a Placing of new ordinary shares of 0.025p each ("New Ordinary Shares") at a price of 0.1 pence per New Ordinary Share. The directors subscribed for 57,500,000 New Ordinary Shares.
It is intended that the proceeds of the Placing will be used to fund Baron's share of the ongoing TL-SO-19-16 PSC ("Chuditch PSC") work programme in Timor-Leste, the drilling of the onshore El Barco-3x well in Peru and provide additional working capital.
Malcolm Butler, Executive Chairman of Baron Oil, commented:
"Now that we have this additional funding in place, we have the opportunity to generate significant value for shareholders through our investment in SundaGas (Timor-Leste Sahul) Pte.Ltd, parent company of the Operator of the Chuditch PSC, and the drilling of the low-cost, low-risk El Barco-3x well in Peru."
Application for Admission
A total of 2,500,000,000 New Ordinary Shares are being issued pursuant to the Fundraising, of which 735,714,286 First Tranche shares were admitted to trading on AIM on 19th February 2020, with the balance of 1,764,285,714 Second Tranche shares expected to be admitted to trading on AIM on 11thMarch 2020. The New Ordinary Shares will rank pari passu in all respects with the existing ordinary shares.
Total Voting Rights
Following Admission of the Second Tranche shares, the Company's share capital and total voting rights will comprise 4,426,409,576 ordinary shares. The Company does not hold any shares in treasury. Consequently, 4,426,409,576 is the figure which may be used by shareholders as the denominator for the calculation 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 and Transparency Rules.