Chariot Limited raises $5.5 million in oversubscribed offering

LONDON - Chariot Limited (AIM:CHAR), an Africa-focused transitional energy group, has announced the successful closing of an oversubscribed placing and subscription, conditionally raising $5.5 million after expenses. The fundraise involved the issuance of 322,751,322 new ordinary shares at a price of 1.4 pence each, a slight discount to the previous day’s closing market price.

The proceeds from this fundraising effort are earmarked for securing the company’s involvement in wind generation, gas, and new upstream assets, as well as strengthening its balance sheet. This strategic move aims to support the execution of Chariot’s updated strategy and facilitate the demerger of its Renewable Power business, thereby potentially unlocking unrecognized value within the group.

The company also plans to raise up to an additional $1 million through an open offer to qualifying shareholders, which will allow for further shareholder participation. Details of this offer will be communicated to shareholders on May 29, 2025.

Chariot’s fundraising includes approximately $1 million conditionally raised from directors and senior managers of the company, aligning management interests with those of the broader shareholder base.

Adonis Pouroulis, CEO of Chariot, expressed gratitude to both new and existing shareholders for their support and highlighted the company’s intention to move forward with its plans across its Upstream and Renewable Power businesses. The successful fundraise, subject to shareholder approval at the upcoming general meeting, is seen as a pivotal step in creating two standalone entities.

The company’s directors, who are considered related parties, have subscribed for an aggregate of 50,119,045 new ordinary shares at the issue price. Independent (LON:IOG) Director Chris Zeal, in consultation with the company’s nominated adviser, has deemed the terms of this related party transaction as fair and reasonable for shareholders.

A general meeting is scheduled for June 18, 2025, where shareholders will vote on resolutions necessary to finalize the placing, subscription, and open offer. A circular with details of the general meeting and the open offer will be posted to shareholders and made available on the company’s website.

This financial move is based on a press release statement from Chariot Limited.

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