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LONDON - Chariot Limited (AIM:CHAR), an African focused transitional energy company, has announced the posting of a Circular regarding a recent fundraising effort, which includes details of an Open Offer and a notice for an upcoming General Meeting. The Circular has been disseminated to Qualifying Shareholders following the company’s successful Placing and Subscription announced on May 23, 2025.
The company has conditionally raised net proceeds of US$5.5 million, with gross proceeds of US$6.1 million less expenses, through the issuance of 322,751,322 New Ordinary Shares at an issue price of 1.4 pence per share. Additionally, Chariot aims to raise up to US$1 million more through an Open Offer to existing Qualifying Shareholders at the same issue price.
The Open Offer allows Qualifying Shareholders to purchase 1 Open Offer Share for every 23 Existing Ordinary Shares they hold, up to a maximum of 52,279,027 New Ordinary Shares. These entitlements are based on holdings as of 6.30 p.m. on the Record Date of May 27, 2025. Shareholders who subscribe fully to the Open Offer may also request additional shares as an Excess Entitlement, subject to availability and at the discretion of the Directors.
Proceeds from the Open Offer are intended to supplement the Group’s working capital. The timeline for the Open Offer, including key dates and events, has been outlined in the Circular and in the company’s May 23 announcement.
A General Meeting is scheduled to occur at the offices of Stifel in London on June 18, 2025, at 11.00 a.m. During this meeting, resolutions related to the fundraising efforts will be proposed. Shareholders will have the opportunity to vote on these resolutions, which are crucial for the completion of the fundraising process.
This news is based on a press release statement from Chariot Limited.
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