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Highlights
- Serinus Energy launches retail offer to raise £0.25 million via the BookBuild Platform.
- Up to 10 million new ordinary shares to be issued at a 2.5 pence price.
- Proceeds will fund the company's projects in Romania and Tunisia.
Serinus Energy plc (AIM: SENX, WSE: SEN) has announced a retail offer through the BookBuild Platform to raise up to £0.25 million. The offer will consist of up to 10 million new ordinary shares priced at 2.5 pence each. The net proceeds are expected to be used for general working capital purposes, with a focus on advancing Serinus Energy’s ongoing exploration and development projects in Romania and Tunisia.
This new capital-raising initiative follows the company’s announcement of a separate placing of new ordinary shares, which aims to raise an additional £1 million. Although both the retail offer and the placing are intended to raise funds for the same purpose, they are separate and independent transactions. The issue price for the new shares represents a 2.40% discount to the 30-day volume-weighted average price (VWAP) of 2.56 pence per share, as of December 11, 2024.
Conditions and Admission
The retail offer is conditional on several factors, including the approval of shareholders at the upcoming general meeting, the successful completion of the placing, and the new shares being admitted to trading on the AIM market of the London Stock Exchange. The company plans to apply for the admission of the retail offer shares on January 10, 2025, with dealings in the new shares expected to commence immediately after.
Once issued, the retail offer shares will be credited as fully paid and will rank pari passu (equally) with the existing ordinary shares in the company. This includes the right to receive any future dividends or distributions declared after the date of issue.
Serinus Energy expects the funds raised from the retail offer and placing to support its ongoing operational needs, particularly in its projects in Romania and Tunisia. The company’s management is confident that these initiatives will strengthen its financial position and enable further growth in these key markets.
Use of Proceeds
The proceeds from the retail offer will primarily be allocated to support Serinus Energy’s operational activities. These funds will be used to continue developing the company’s projects in Romania and Tunisia, where Serinus Energy has significant assets. The company’s management believes that these funds will provide the necessary capital to further its exploration and production efforts in these countries, which are key to its long-term growth strategy.
Stock Exchange and Ticker Details
The new ordinary shares issued through the retail offer will be listed on the AIM market of the London Stock Exchange. The company’s ticker symbol on AIM is SENX, and the International Securities Identification Number (ISIN) for the new ordinary shares is JE00BNNMKT29.
