Chariot Secures £1.5 Million in Oversubscribed Share Sale

2 min read | August 11, 2024 04:00 PM PDT | By Team Kalkine Media

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Chariot Secures £1.5 Million in Oversubscribed Share Sale — Image source: Shutterstock

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Chariot Ltd, an Oil and gas sector, has announced a successful share sale that significantly exceeded expectations. The company received nearly double the demand for its recent share offering, raising £1.5 million.

During its latest open offer, Chariot ltd (LSE:CHAR) reported interest for over 46.2 million shares, surpassing the 23.35 million shares available. This high level of interest resulted in a take-up rate of more than 197%. The funds raised from this oversubscribed share sale amount to approximately US$2 million (£1.5 million).

This capital raise is part of a larger fundraising initiative by Chariot, which has now accumulated a total of US$9 million. Julian Maurice-Williams, CFO of Chariot, expressed gratitude for the strong support from shareholders. He noted, “We are grateful to our shareholders for their considerable support, which has enabled Chariot to secure an additional $2 million through this significantly oversubscribed Open Offer. This brings the total funds raised to $9 million gross.”

Maurice-Williams highlighted the company’s anticipation of key developments in the near future, including the upcoming drilling campaign at Anchois and other progress within the broader group.

In July, Chariot had already completed another successful fundraising effort, raising £5 million ($6.4 million) through a separate oversubscribed share offering, which priced each share at 6.5p.

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